Taggart Holdings, once one of
It has filed a claim at the Northern Ireland High Court, accusing the bank of breach of conduct and misrepresentation. It is seeking an undisclosed sum in damages.
Ulster Bank and Bank of Ireland asked PricewaterhouseCoopers to seize the housebuilders’ property portfolio in October 2008 after Taggart’s management failed to find a way to restructure the group.
Brothers Michael and John Taggart, founders of the group, claim that the bank’s actions resulted in the company unnecessarily going into administration. They allege that this was for the sake of a £21m debt and that other property firms, with much worse debt, were being allowed to continue trading.
Michael Taggart said: “We will pursue the bank by whatever means necessary to get justice.”
Ulster Bank is defending the claim, but declined to comment further.