Homeowner Faces Foreclosure if Unpaid €350,000 Debt to Brothers isn't Settled within Six Months, Threatening Sale of €1.2m Property
In a series of legal rulings, an Irish souvenir manufacturer named Philip Gaffney finds himself in a precarious financial situation. The High Court determined in 2022 that Gaffney owes €372,043 to his brothers, Alan and Derek Gaffney, following a dispute over a lucrative US €1.3 million order for Irish souvenirs with the US-based Quality Value Choice Corporation.
The debt arose from payments advanced by the plaintiff brothers to Gaffney to fulfill the order. Alan Gaffney claims he advanced €272,043, while Derek Gaffney advanced €100,000. However, due to various reasons, Gaffney lost the order or was unable to fulfill it, leading to the current financial predicament.
The €1.2 million family property in Co Meath, owned by Philip and Teresa Gaffney, is at risk of being sold due to a €350,000 debt that Philip owes to his brothers. The High Court ruled in 2022 that Philip owed this debt, but dismissed their claim against Teresa.
A recent update from August 2025 indicates that if this debt is not paid within six months, the property may be sold to satisfy the liability. The Court of Appeal has also found that Teresa Gaffney was an active participant in the business, and Alan and Derek Gaffney are entitled to a judgment of €350,000 against Philip and Teresa.
Final orders are expected in October, and the High Court will discuss whether there should be any stay on the orders. The judgments of the High Court and Court of Appeal have already been registered as a judgment mortgage against the defendants' interests in their Co Meath property.
Despite these challenges, Gaffney's products had a notable achievement in late 2023, featuring on the Late Late Toy Show. However, an earlier setback occurred in February 2016 when the contract for the US €1.3 million order was pulled.
The Circuit Court orders were stayed pending appeal to the High Court. The High Court previously held that Gaffney had breached an agreement to invest €400,000 in his business, but his proceedings against Alan Gaffney and his wife were dismissed.
The Court of Appeal also allowed an appeal by Alan and Derek Gaffney against the finding that Teresa Gaffney was not a party to the 2015 contract. Mr Justice Bradly proposed to order for the sale of the property if the judgment sums, plus interest, were not repaid within six months of the date of judgment.
As the deadline for payment approaches, the future of the Co Meath property remains uncertain. The defendants have not yet revealed any plans to sell the property, but the potential forced sale due to the outstanding debt remains a significant concern.
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