High Court rules on Larkin companies’ claims against Ulster Bank

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

Companies linked to brothers Michael and Richard Larkin obtained an interim High Court injunction on 8 October 2014 preventing Ulster Bank Ireland Limited from transferring their loans. European Property Fund plc, Laurelmore Limited and Vieira Limited feared a sale could affect their action against the bank over alleged losses. Their counsel said they were not seeking to stop a sale, but wanted information about its terms.

Mr Justice Paul Gilligan granted the injunction on an ex parte application, meaning only one side was represented. On 9 December 2014, Mr Justice David Keane discharged it and refused interlocutory relief. He found the companies had failed to disclose contractual documents and their contents, which were materially relevant to the application.

On 2 July 2015, Ms Justice Costello dismissed the claims brought by Laurelmore and Vieira in their entirety. She dismissed most of European Property Fund’s claims, leaving claims concerning alleged coercion and intimidation over the sale of the Belgrave Road and Old Jewry properties and alleged delay in closing out a facility and a derivative.

On 28 January 2016, Ms Justice Costello ruled on European Property Fund’s application to amend its statement of claim. She permitted some proposed new claims and rejected others, and ordered the preparation of another draft in line with her judgments.