The court was told that the Property Services Regulatory Authority (PRSA) was not in a position to grant Manorhamilton Livestock Sales Ltd a licence due to outstanding issues relating to a tax compliance certificate and issues relating to the client account.

Mr Gerry McGovern, solicitor for the mart, sought for more time to deal with current issues. He highlighted the support from local farmers, saying that €170,000 has been raised which has been placed in a client account with a view to being used as a share investment. Judge Kilrane granted the two-month adjournment to allow them to remedy the deficiencies.

Speaking to the Irish Farmer Journal, Ivan Moffitt, director of Manorhamilton Mart Ltd, said the mart is currently working on rectifying the issues at the mart and more will be known early next week.

The Irish Farmers Journal understands that the group of potential investors were due to have a meeting with the directors of the mart and the mart’s accountant early next week when the financial situation of the mart with be discussed at length.

However, speaking to the Irish Farmers Journal on Saturday, Mr Moffitt said that they are no longer looking at the possibility of a shareholder buy-in.