UPDATE:

Due to continued representations to Corbel Developments Ltd for information on matters involving ‘Ashley’, Rochestown Road, Cork, and Proposed Online Auction, please see statement from Corbel Developments Ltd below:

The Ashley/ Five Firs Development site is in Receivership since Sept. 2012 following Bank of Scotland Ireland being dissolved in Dec. 2010. JOINT RECEIVERS have been in sole control of the property since.

Corbel Developments Ltd are owed significant monies from their work on the development and live proceedings continue against the JOINT RECEIVERS.

Separate litigation continues between the registered owner and other parties over various serious issues relating to Ashley and other properties the subject of the same Receivership. Substantial legal issues remain.

Everyday Finance DAC claim to own the original Bank of Scotland Facilities (not the debt) since 2023, previously with Pepper Finance DAC from 2020, and Feniton Property Finance DAC since 2015. All debt flowing from loans with Bank of Scotland (Ireland) Limited was reduced to the form of the High Court Order for a money Judgment dated 6th March 2015 in favour of Bank of Scotland plc. There was no other party to that Judgment. Execution of that Judgement has long expired.

No other party, Everyday Finance or otherwise, can now sue for that debt.

The First Charge on the Deeds of Five Firs is not owned by Everyday Finance DAC and therefore there is No Power of Sale. Five Firs is being marketed as part of the Ashley Housing Development.

No Event of Default in relation to any alleged debt owed to Everyday Finance DAC has occurred, and No Demand has been received from Everyday Finance DAC.

Various issues remain unresolved in the ongoing litigation by Corbel Developments Ltd, including in relation to the construction of the documents of the Receivership.

42 Alden Grove, Douglas, Cork (one of the other subject Receivership properties), was sold in Sept. 2022 via a Youbid Auction for substantially less than market value. It remains in the original owner’s name despite various applications to Land Registry to have it re-registered. This property is also the subject of the Lis Pendens proceedings. It was a Receiver sale. Tailte Eireann have a duty to ensure all documentation relating to the sale is 100% valid prior to registering a new owner.

A Lis Pendens is in place relating to proceedings issued, and continuing, regarding Cathal O’Connor’s involvement in the Ashley and other developments since 1997. This is currently valued at a minimum of €5,600,000.The advancement and Mediation of the Lis Pendens legal proceedings has largely taken place within the Courts recommended privacy of the Mediation process, by also seeking to protect the interests of other family members. The Lis Pendens which is attached to all of the receivership properties is underpinned by Co-Ownership Agreements, Profit Sharing and Partnership Agreements, Development Agreements, and more, with Cathal O’Connor, as beneficiary, from 1997 to date. These Agreements are backed up by the various Housing Developments and construction carried out by Cathal O’Connor.

Unfortunately Cork City Council are actively seeking to include the Ashley Development in the list of Derelict sites per approaches from local councillors, which is in the public domain. None of the dereliction has been caused by Corbel Developments Ltd.

Please visit www.ashleyrochestown.ie for links to recent documents furnished to Corbel Developments Ltd as part of ongoing disputes relating to various matters involving Ashley and Five Firs, amongst other properties. 

Corbel - a creator of timeless classical homes.