Creditors rejected a proposal that would have seen former property tycoons Michael and John Taggart avoid bankruptcy, the High Court heard yesterday. But the Co Londonderry brothers, said to have debts of up to £213m, are set to contest the outcome of a meeting of people to whom they owe money.
A judge has given them 28 days to advance grounds of any challenge.
Ulster Bank is petitioning to have the Taggarts declared bankrupt over debts of several million pounds.
Proceedings were issued after the pair lost a marathon legal battle with the bank.
In November a High Court judge held them liable for a 4m personal guarantee over land purchases in the Republic.
A second personal guarantee of £5m linked to developments north of the…
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