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Dundalk toll road operator sues over alleged outstanding debt of ?1.57m
Tuesday, October 23, 2012
A company operating the Dundalk bypass toll road has sued over an alleged outstanding debt of ?1.57m.
North Link M1 Ltd claims it expects to receive ?433,545 in payments from Celtic Roads Group (Dundalk) Ltd to cover payments due to it over the period April to the end of Oct 2012 when, it alleges, the correct sum owed is some ?1.57m.
In proceedings transferred to the Commercial Court yesterday by Mr Justice Peter Kelly, North Link claims the defendant has failed to adhere to the terms of a 2004 operation and maintenance agreement, under which North Link agreed to operate and maintain the bypass toll road in return for payments by Celtic Roads.
It claims Celtic has refused to accept a decision on a new level of payments made by an independent assessor, appointed after the two companies failed to agree on payments, after a review in 2011.
The assessor issued his determination last March setting out a formula for calculation of the payments to run for a period of seven years.
On foot of that, North Link had sought payments for ?1.45m to cover the period from early April to the end of Sept 2012, but it claims the defendant has continued to makepayments at the lower rates operational prior to the assessor?s determination.
While the defendant in Jul 2012 claimed there were several errors in the determination, it had raised none of those issues during the review process, Brian O?Moore, counsel for North Link, told the judge yesterday.
In those circumstances, North Link is claiming ?1.5m allegedly owed to the end of this month and a declaration the defendant is bound by the assessor?s determination.
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Source: http://feedproxy.google.com/~r/iebusiness/~3/VvQB-tadsEg/
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