Former property tycoons Michael and John Taggart’s fight against being declared bankrupt centres on the firm that controls £1bn of Nama loans in Northern Ireland, it has emerged.
It was revealed in the High Court that the Co Londonderry brothers are challenging Promontoria Eagle’s standing at a meeting where creditors rejected an alternative proposal.
Dublin registered Promontoria Eagle, a subsidiary of US private equity giant Cerberus, was set up to manage the former Nama property loan book.
The Taggarts, said to have total debts of up to £213m, are facing bankruptcy petitions brought by Ulster Bank.
Proceedings were issued after the house builders lost a legal battle over their liability for millions of pounds in pers…
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