A High Court case involving the high-profile Cork dairy farmer-turned-property developer Michael Scully is scheduled for next Monday, 11 October, in which he is challenging the recognition of a Polish court decision.
Scully, from Ardfield, Clonakilty, Co Cork, and his wife Helen were directors of Castle Carbery Properties, which went into liquidation in June 2015.
A joint offering between Castle Carbery and SWS Corporate Services, the fund was set up to invest in residential property in Poland
The couple are currently directors of Clonakilty Distillery Ltd, along with Denis O’Flynn from Burnside, Kill Lane, Foxrock, in Dublin.
Castle Carbery had received significant investment from Irish farmers, with one of its most high-profile investment offerings being the Polska Fund.
A joint offering between Castle Carbery and SWS Corporate Services, the fund was set up to invest in residential property in Poland.
At the time it was claimed the Polska Fund could return a fixed preferential return of 15.5% compounded annually and that an investment of €100,000 would grow to €178,000 after four years.
In the High Court case listed for next week, Michael Scully is the plaintiff, while Coucal Ltd is the defendant.
Coucal Ltd is a Limerick-registered company which is pursuing a legal action in Poland on behalf of its members/shareholders.
According to Coucal documents, this claim is an initial €6.3m investment, plus statutory interest applicable. It is also pursuing a legal action in Cyprus on behalf of the majority of its members/shareholders.
A 2018 judgment in the Polish courts went in Scully’s favour but that judgment was overturned in June 2021
Coucal Ltd has four directors: John O’Sullivan, Baylands, Ballyard, Tralee, Co Kerry; Richard Donovan, Brensha, Co Tipperary; Doreen Ryan, Woodbrook, Cratloe, Co Clare; and Kevin Argue, Beechwood, Castletroy, Co Limerick.
A 2018 judgment in the Polish courts went in Scully’s favour but that judgment was overturned in June 2021.
No written ruling has been issued by the Polish court yet, although it is understood Scully intends to appeal it to the Polish Supreme Court.
Public policy grounds
Next week’s court case is an application under EU regulations to challenge the recognition of the Polish court’s June 2021 decision, on grounds including public policy grounds, his legal representatives O’Flynn Exhams have said.