The delayed sale of the Bank of Ireland building to Elkstone Capital Partners has prompted Aviva Life & Pensions Ireland to take legal action.
According to The Irish Times, the fast-tract commercial court case revolves around the Aviva unit’s claim that Elkstone had failed to pay the full transaction amount of €5.5 million (nearly CA$8.5 million) by the March 11 deadline set out in their agreement.
It was reported that only the €277,500 (around CA$430,189) deposit had been paid, with the buyer blaming the coronavirus crisis for its failure to finalize the deal on time.
In response to Aviva’s move, Elkstone is now offering to pay the balance and get the purchase to cross the finish line on July 24.
