Around 100 farmers owed money after the collapse of Castleblayney mart will decide at a meeting later this month whether to take legal action against the Property Services Regulatory Authority (PSRA).
IFA Monaghan chair Frank Brady told a meeting of around 40 farmer creditors this week that the PSRA had sent six letters to EP Nugent Ltd, the company running sales at the mart, in relation to the loss of its auctioneering licence in February. The company went into liquidation at the end of March and Brady argued that the PSRA did not do enough to stop the mart from trading with farmers illegally.
Listen to "Liquidated mart’s customers consider legal action" on Spreaker.
Local solicitor Paul McCormack has defended this position on behalf of farmers and the IFA is now working to contact all farm creditors ahead of a larger meeting on 30 July to discuss potential legal action. “Are they willing to put €50 in to finance going down a road of seeing is there any way of getting compensation?” Brady will ask them then.
A PSRA spokesperson told the Irish Farmers Journal that while a Property Services Compensation Fund exists, any client of an auctioneer claiming compensation must have “suffered a loss as a result of the dishonest act of a licensee”.
The spokesperson added that “clients of non-licensees are not covered,” raising the prospect of a dispute over transactions conducted after the mart operator lost its licence on 19 February.
Read more
Valid licence held by 98% of marts
80 farmers owed €160,000 after mart closure
Listen: more Castleblayney Mart farmers insist they must be paid
Farmers can check marts and auctioneers' licences online
Around 100 farmers owed money after the collapse of Castleblayney mart will decide at a meeting later this month whether to take legal action against the Property Services Regulatory Authority (PSRA).
IFA Monaghan chair Frank Brady told a meeting of around 40 farmer creditors this week that the PSRA had sent six letters to EP Nugent Ltd, the company running sales at the mart, in relation to the loss of its auctioneering licence in February. The company went into liquidation at the end of March and Brady argued that the PSRA did not do enough to stop the mart from trading with farmers illegally.
Listen to "Liquidated mart’s customers consider legal action" on Spreaker.
Local solicitor Paul McCormack has defended this position on behalf of farmers and the IFA is now working to contact all farm creditors ahead of a larger meeting on 30 July to discuss potential legal action. “Are they willing to put €50 in to finance going down a road of seeing is there any way of getting compensation?” Brady will ask them then.
A PSRA spokesperson told the Irish Farmers Journal that while a Property Services Compensation Fund exists, any client of an auctioneer claiming compensation must have “suffered a loss as a result of the dishonest act of a licensee”.
The spokesperson added that “clients of non-licensees are not covered,” raising the prospect of a dispute over transactions conducted after the mart operator lost its licence on 19 February.
Read more
Valid licence held by 98% of marts
80 farmers owed €160,000 after mart closure
Listen: more Castleblayney Mart farmers insist they must be paid
Farmers can check marts and auctioneers' licences online
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