Saturday’s sheep sale at Mountbellew Mart will not go ahead this weekend, after the mart’s licence was suspended by the Property Services Regulatory Authority (PSRA).

“The licence issued to Mountbellew Regional Co-operative Livestock Mart Society Limited is suspended,” the PSRA said.

The mart is “prohibited from providing property services while the suspension is in force”.

Earlier this week, the Irish Farmers Journal reported that the PSRA has taken the mart to court over alleged irregularities with the mart’s client account and affidavits had been lodged with the High Court.

It is understood that a deficit in the mart’s account dates back to over a decade ago and is not related to the mart’s performance in recent years.

As a result of the licence being suspended, the mart will no longer be able to hold sales.

This Saturday’s sale and future sales are cancelled until the licence is reinstated.

The mart is continuing to work with the PSRA to resolve the issue and is keen to resume trading.