Financial consultant holding ‘hands up' over alleged misappropriation of funds, court hears
David Kennedy, of Orwell Park Grove, Templeogue, Dublin, and who operates David Kennedy Financial Consulting Ltd, Orwell Shopping Centre, Templeogue, 'wishes to be of as much assistance as he can' in efforts to recover the money, his barrister Micheál D O'Connell SC told the court on Tuesday.
It followed an order by the court last week freezing the assets of Mr Kennedy, his wife Danielle Colgan, and the company, following claims of misappropriation by two brothers who were the ultimate owners of the pub 'Quinlans', known as the Black Lion Gastropub in Inchicore. The court was told Mr Kennedy has been arrested by gardaí and charged with fraud over the matters.
Mr Kennedy and the agency are now being sued by joint liquidators appointed to replace the financial consultant as liquidator of BabylonCQ Ltd and Wildemount Assets Ltd which were respectively owned by brothers Cormac and Gavin Quinlan. Both companies were shareholders in KCR Taverns Ltd which operated the pub.
READ MORE
KCR bought back BabylonCQ and Wildemount shares some years ago, essentially capitalising the two firms for €400,000 each. In 2024, a decision was made to release the funds in the companies for personal use.
This meant the companies were voluntarily wound up, and Mr Kennedy was recommended to do the job by the Quinlans' accountants.
In an affidavit seeking the freezing orders, Eoin Massey, who along with Tom Murray is a joint liquidator of the firms, said the accountants told the Quinlans Mr Kennedy was well regarded in the orderly winding-up of companies.
The capitalised monies from the two companies were transferred to Kennedy Financial Consulting's client account as part of the winding-up process so the funds could then be disbursed.
However, Mr Massey said after months of broken promises to transfer the monies back, the brothers, through the companies, appointed Mr Massey and Mr Murray to replace Mr Kennedy.
The brothers made complaints to the gardaí and Corporate Enforcement, and in June they were informed Mr Kennedy had been arrested, charged, and that further charges may be brought, Mr Massey said.
As a result of the joint liquidators' investigations, they brought the freezing of assets application because of what Mr Massey said was the behaviours, actions, and failures of Mr Kennedy.
Mr Justice Brian Cregan ordered the freezing of the assets of the defendants below €800,000 and returned the case to Tuesday, when Mr O'Connell, for Mr Kennedy, said his client was 'putting his hands up in relation to this and wishes to be of as much assistance as he can' in restoring the money.
Counsel said Ms Colgan is Mr Kennedy's wife, and she was joined to the case on the basis of a particular letter of appointment and is not an appropriate defendant as she says she has no liability.
Ms Colgan is the sole shareholder and director of David Kennedy Financial Consulting.
Counsel said he would be seeking a strikeout of the case against her.
Mr O'Connell said the most important thing at this stage was to identify what assets are available. His side was proposing to put the case back for two weeks during which certain monies can be transferred back to the companies' accounts.
The transfer of monies is prohibited under the freezing order, but counsel did not think there was any difficulty with the plaintiffs' side if transfer back could be allowed. He said it had also been agreed that €12,000 could be withdrawn from the defendant account to cover living and legal expenses, for the time being.
Jarlath Ryan SC, for the liquidators, said the proposals were helpful and there would be no reduction of funds, but he did not think it necessary to strike out the case against Ms Colgan.
Mr Justice Cregan amended the freezing orders to allow for the payment of €12,000 living expenses. He directed Mr Kennedy to provide bank statements and an affidavit and adjourned the case for two weeks.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
2 hours ago
- Irish Times
Disabled children suffered higher rates of sexual abuse, Dáil hears during debate on historical abuse
Children with disabilities experienced sexual abuse at a much higher rate than children without a disability, the Dáil heard as it debated historical child sexual abuse in day and boarding schools. Minister of State for Special Education and Inclusion Michael Moynihan said the scoping inquiry leading to the newly established Commission of Investigation revealed the records of religious orders showed 'some 528 allegations of historical child sexual abuse across 17 special schools in respect of 190 alleged abusers'. The initial scoping inquiry was told of some 2,395 allegations of historical sexual abuse in day and boarding schools run by religious orders. It was told it involved 884 alleged abusers in 308 schools countrywide between 1927 to 2013. The Minister of State said 'many families entrusted the care of their children into these communities' and 'this is unlikely to be the full extent of the historical abuse in special schools'. READ MORE It was 'truly appalling that the additional vulnerabilities of children in special schools could be so exploited and there has to be accountability', Mr Moynihan said. He was speaking during a debate on the motion to approve the draft order on the Commission of Investigation on the handling of historical child sexual abuse in day and boarding schools. [ Government will 'pursue all levers' to make religious orders pay redress to victims of school sex abuse Opens in new window ] Sinn Féin TD Pat Buckley said he had lost many friends who had been abused and it took more than 20 years to find out what happened. 'I lost two friends in primary school where the abuse started and I wasn't aware of it.' He said 'people ran away from school, came back, qualified as solicitors and everything, and unfortunately ended their lives'. He said some of the people who are responsible 'are still alive, some of the principals and vice-principals, Christian Brothers and lay teachers'. Labour's Ciarán Ahern said the Government and other institutions of power 'have excelled in the past at covering up the reality of child sexual abuse'. 'We need only look at the Carrigan report in 1931 to see the DNA of denial that blighted child protection in Ireland from the State's foundation'. The Dublin South-West TD said the Carrigan committee was appointed in 1930 and held 17 sessions. One witness, the police commissioner of the time, 'highlighted an alarming amount of sexual crime, increasing yearly, a feature of which was the large number of cases of criminal interference with girls and children from 16 years and downwards, many children under 10 years of age'. He said the police commissioner believed that less than 15 per cent of sexual crime was being prosecuted but government chose not to publish the report. Minister for Education Helen McEntee thanked 'every single survivor for their bravery, whether they were in a position to come forward or not'. She also thanked the late Mark Ryan and his brother David who came forward for the RTÉ documentary Blackrock Boys, after which the Government established a scoping inquiry. In an address to survivors she said: 'I am truly sorry for what was done to you and the devastating impacts it had on your lives, but I want to thank each and every person for their bravery.'
Irish Times
2 hours ago
- Irish Times
Magnier's Coolmore group branded ‘professional bullies' by rival in bitter Barne Estate row
A woman whose husband is being sued by John Magnier over the purported sale of a prized Co Tipperary estate said she felt €50,000 in cash delivered in two brown envelopes on behalf of the bloodstock billionaire was 'incredibly tainted and dirty', the High Court has heard. Anna Thomson-Moore told the court that on September 7th, 2023 – two weeks after an alleged €15 million handshake allegedly sealed the sale of Barne Estate – Mr Magnier called to Barne with his son, JP, and met the Thomson-Moores. She said they told Mr Magnier they had to work through tax issues and involve the trustees of the estate to complete any deal. Ms Thomson-Moore said that at the end of that conversation their estate agent, John Stokes, who had walked out with the Magniers, returned to the house with two brown envelopes given to him by JP containing €50,000 cash. She said she felt 'incredibly uncomfortable' about the envelopes and had the money returned days later. The Magnier side has told the court the money was a token of 'appreciation' to the Thomson-Moores for letting the Magnier side on to the land before any sale was finalised. READ MORE The Magnier side was ultimately dislodged by Irish-born, US-based construction magnate Maurice Regan, who offered €22.25 million and became the preferred bidder for the estate. Mr Regan is not a party to the case. Mr Magnier wants the court to enforce the deal he claims he sealed with Mr Thomson-Moore in an alleged handshake agreement for the 751 acres on August 22nd, 2023. The Magnier side has sued the Barne Estate, Mr Thomson-Moore and three companies of IQEQ (Jersey) Ltd group, seeking to enforce the purported deal, which they say was 'unequivocally' agreed. The Barne defendants say there was never any such agreement as they needed the consent of the trustees to finalise any deal. They say they preferred to sell the estate to Mr Regan. Mr Magnier claims there had been no mention of the sale being subject to trustee approval. At the High Court on Tuesday Ms Thomson-Moore – wife of defendant Richard Thomson-Moore – told Paul Gallagher, senior counsel for the Magniers, that the family was not deliberately 'stalling' on a deal with Mr Magnier because Mr Regan had outbid Mr Magnier. Barne and the Magniers entered into an exclusivity agreement stipulating that the estate would not permit itself or its representatives to solicit or encourage any expression of interest, inquiry or offer on the property from anyone other than Mr Magnier between August 31st and September 30th, 2023. However, during September 2023, Ms Thomson-Moore said, Mr Regan offered about €20 million for the estate. She said the trustees recommended honouring the exclusivity agreement with Mr Magnier, making Ms Thomson-Moore increasingly frustrated with the trustees who refused to consider the new bid. Mr Gallagher asked why the Thomson-Moores did not tell the trustees of the brown envelopes until a month after the incident. An emotional Ms Thomson-Moore said she was 'incredibly uncomfortable' about the money and that it gave her a 'tainted and dirty' feeling. A portion of a text message from Mr Regan to Mr Thomson-Moore was read to the court by Mr Gallagher in which Mr Regan described the Magnier-led Coolmore side as 'professional bullies'. In the text, Mr Regan said the Thomson-Moores had not been through a fair process in dealing with Coolmore which, Mr Regan says, should not be the new owner of Barne Estate and if they were to take ownership that they should 'pay dearly for it'. 'You are dealing with professional bullies,' wrote Mr Regan to Mr Thomson-Moore, adding that the Coolmore side was engaged in 'intimidating' Mr Thomson-Moore. Ms Thomson-Moore said her husband did not reply to the message. The case continues.
Irish Times
2 hours ago
- Irish Times
Cern decision by Cabinet opens up particle research opportunities for Ireland
Ireland's long journey to membership of Cern , one of the world's largest centres for scientific research, has reached its destination following a Cabinet decision. It opens up opportunities for Irish companies, scientists, students and wider society to reap the benefits of working in the world's most famous particle laboratory in Switzerland. The European Organisation for Nuclear Research (Cern) is home to the Large Hadron Collider, a huge underground ring in which protons – one of the constituent particles of an atom – are accelerated close to the speed of light and collided into one another. It was used to discover the Higgs boson, the so-called 'god particle', which gives matter mass and holds the physical fabric of the universe together. [ Q&A: It promises to boost research, industry and education. So, why has it taken so long for Ireland to join Cern? Opens in new window ] Many technologies developed at Cern have gone on to have applications in medicine, space, energy and ICT, such as the world wide web and touch-sensitive technology in smartphones. READ MORE 'Associate membership of Cern will demonstrate Ireland's commitment to science and reaffirm our reputation as a centre for scientific investment,' said Tánaiste Simon Harris after the Cabinet meeting on Tuesday. 'It will create opportunities for Irish researchers, students and industry to join world-class teams at Cern, and it will give Cern access to Ireland's talent and expertise.' 'Having personally advocated for Ireland's associate membership of Cern for a long time, it is a pleasure to officially announce [we] will join Cern in October this year. Today's Cabinet approval is a milestone which authorises the final legal steps,' said Minister for Science James Lawless . University College Dublin, whose physicists have been involved in Cern research for many years, said it is to expand its particle research capacity following Ireland's decision to become a member country. UCD vice-president for research, innovation and impact, Prof Kate Robson Brown said: 'This is a very important step for Ireland, to take our place in Europe's largest scientific organisation, which enables collaborations with the best researchers, institutions and companies all over the world.'
