High Court accedes to application to re-enter proceedings to enforce a settlement agreement, on the grounds that: (a) the striking out of proceedings does not, ipso facto, mean that a court is functus officio; (b) in each case, it is necessary to construe the court order by reference both to its terms and to the specific context; (c) the court order in the case must be read as a whole, and the use of the words 'liberty to re-enter' clearly envisaged a potential future role for the court; (d) on the facts of the case, it could not have been intended that the proceedings would be re-entered with a view to allowing the original claim to be litigated; and (e) regard had to be had to the underlying settlement agreement, which provided in clear and unmistakable terms that in default of payment of any instalment the plaintiff should be at liberty to apply to re-enter the proceedings before the Commercial Court and obtain judgment for the amount then outstanding.
Application to re-enter proceedings - proceedings struck out with liberty to re-enter following a written settlement agreement between plaintiff and certain defendants in January 2011 - plaintiff now seeking to re-enter proceedings against those defendants following default of payment of the sums agreed - plaintiff company provided indemnity cover in respect of professional risks for solicitors in Ireland - defendant stockbrokers retained by plaintiff to provide stockbroking and investment advisory services - plaintiff invested €8.4m in a bond which it contends was recommended to it by the defendants and subsequently lost 97% of its value - plaintiff initiated proceedings claiming, inter alia, negligence and breach of contract - whether an order striking out proceedings renders the court functus officio - whether only mechanism available to plaintiff to enforce settlement agreement was to commence fresh proceedings on foot of the agreement.