The Ward family's catering business, Reward Catering, experienced significant growth during the pandemic and was acquired by Teqnion for €5.2 million. However, a dispute emerged over the second earn-out payment regarding gross profits. The High Court stated that the Ward family's request for a preemptive ruling was 'wasteful and premature'. Teqnion's accounting for gross profit led to a significant reduction in the payment owed to Sunward, creating tension between the two parties over the handling of revenues and invoicing periods.
Teqnion claimed that the second earn-out amount due to Sunward is significantly lower due to its accounting treatment of revenue and invoicing.
Sunward's definition of gross profit was disputed by Teqnion, leading to litigation which the High Court deemed as premature and wasteful.
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