A RECORD number of new cases, many involving multi-million euro claims, sought admission to the list of the Commercial Court yesterday.
Most of the 30 new cases were admitted and the court has now transferred more cases to its list in the past seven months alone than for the total 12 months of 2008, in itself a record year in the court’s five-year history. The court has admitted 260 cases to its list this year compared to 241 for last year.
When dealing yesterday with the applications to transfer the 30 new cases, plus applications relating to another 60 previously admitted cases, Mr Justice Peter Kelly, who manages the court’s list, repeatedly referred to the mounting pressures on that court.
The judge warned lawyers and parties, such are the pressures on the list, only truly urgent cases would be transferred and he refused to admit a small number of the 30 cases on grounds of delay in bringing the applications to transfer. Three to four judges are assigned on a weekly basis to hear commercial actions. Cases are tightly managed by the court from the outset and usually heard speedily, within 21 weeks.
The judge dealt with several applications for judgment in smaller sums, but not less than €1 million, against various individuals, most relating to alleged failure to repay bank loans or complete property deals.
A further series of applications arose from hundreds of investors trying to recover multi-million euro sums which were ultimately passed on to US fraudster Bernard Madoff or his companies.
The judge also dealt with various pre-trial applications for forthcoming proceedings arising from the buyout of Smart Telecom. Directions were given for a forthcoming action over alleged unpaid royalties for music played in cinemas and over the cancellation of a Croke Park gig by pop superstar Prince.
