Lord of the Dance star Michael Flatley, who had to pay off a €6.9 million loan to keep a receiver from the doors of his Cork mansion, regards it as a win, the Commercial Court heard on Friday.
Mr Flatley's lawyer, Ronnie Hudson BL, told the court the entertainer regards the fact “that he kept his home away from the receiver as a win.”
Mr Hudson, instructed by solicitor Maxwell Mooney, added: “Michael Flatley is very grateful to the court and he has specifically instructed us to communicate that to the court and his personal relief that his house is saved from the receiver.”
The case was back before a judge to decide some costs issues around the recent court appearances.
The dancer’s lawyers said he was prepared to pay those costs surrounding the interim and interlocutory injunction applications and the Riverdance star regarded it as a win.
Mr Justice Mark Sanfey at one stage remarked that the matter “dragged on interminably”, which he said was not usual in the big business section of the High Court.
Mr Flatley earlier this week paid off the €6.9 million loan at the centre of a dispute over his Castlehyde mansion in Fermoy, Co Cork.
The court, on two occasions, had set a deadline for the money transfer to make the monies transfer into the account of the solicitors on behalf of the lender who, three months ago, had a receiver appointed over Castlelhyde.
At issue in the case was a loan made to Mr Flatley's Blackbird Film Productions Ltd by Novellus Finance Ltd in 2023, with repayments of €67,000 per month over two years. Novellus claimed there had been default on repayment, which Mr Flatley denied.
Mr Flatley provided a guarantee for the loan on the strength of the value of his Castlehyde mansion. As a result of the alleged default, Novellus appointed a receiver over the property.
The Flatley side had asked for Mr Justice Mark Sanfey to hold off on giving his judgement on whether to set aside the interim injunction stopping the receiver taking steps or grant an interlocutory injunction to the Flatley side and said Mr Flatley was flying into the Dublin last weekend to sign documentation to allow for finance to pay off the loan.
In the Commercial Court on Friday, the court heard that in a letter to the Novellus side, Michael Flatley’s solicitor Maxwell Mooney said he had taken instructions relating to costs of the interlocutory injunction application which was heard by the court over two days.
He said the Flatley side agreed to pay the costs on the basis of it now not being necessary for a judgment to be delivered.
Mr Justice Sanfey made an order for the Flatley side to pay those costs and other costs relating to the Novellus side seeking to set aside the interim injunction against the receiver taking further steps in relation Castlehyde.
However, what remains in dispute is a €1.4 million costs bill, which includes legal fees on the Novellus side of €793,000, the receiver’s legal fees of €186,000 and the receiver’s costs of €86,000, and a six-figure sum requested in relation to default interest.
The money has been lodged in court. Mr Hudson said the Flatley side needed vouching documentation in relation to the receiver’s costs bill.
Mr Justice Sanfey gave the parties time until the end of the month to engage with each other on the matter, remarking that it “should be possible to agree what you disagree about.”
