Galway Bay fm newsroom - The High Court has granted orders permitting the examiner of seven companies controlled by Galway businessman Gerry Barrett to enter into an agreement with an investor.
The court has granted insolvency practitioner Neil Hughes powers under provisions of the 2014 Companies Act to enter into an agreement with an investor called Waltzfire Ltd.
Neil Hughes sought the order because the directors of the companies would not sign documents that would allow the investment agreement with Waltzfire to be executed.
The unsuccessful bidder was a company called Besomhill Ltd which the court heard is controlled by Gerry Barrett.
Funds from the investment are to be used as part of the examiner's scheme of arrangement with the company's creditors.
The Judge said she was also accepting an undertaking from the examiner not to sign the investment agreement until midday today.
Last month Mr Hughes was confirmed as examiner to firms connected to the G Hotel, the Meyrick Hotel, apartments, a retail park and the Eye Cinema in the city.
