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22/06/2012
Brothers Win Trial Appeal Over Missing Millions
Two brothers whose building empire collapsed in the financial crash have won the right to a full trial appeal over millions of pounds Ulster Bank is trying to claim from them.
Michael and John Taggart borrowed the sums for Taggart Holdings Ltd in Northern Ireland and Taggart Homes Ireland Ltd in the Republic.
Last March Belfast High Court held that they should pay back £5m and 4.3m euros.
But Mr Justice McCloskey said today that they should have the chance to bring witness evidence before a trial.
The Taggarts say they have no liability.
But the bank is claiming the money back, saying the pair were "grasping at straws" in their bid to not have to pay.
Mr Justice McCloskey set out the scale of the Taggarts' business operation, saying that in 2006 they were described in the business press as "the richest businesspeople in the country".
Their companies had a £165m annual turnover at one stage but in 2008 the Taggart Group was forced into administration.
Lawyers for the Ulster Bank argued that the evidence the brothers were preparing to present was a case of "grasping at straws" as they were going to mention illness and the stress of getting married.
Nevertheless, Mr Justice McCloskey held that they should have a full trial.
He said: "A vast proliferation of affidavits in this kind of case is no substitute for evidence elicited by examination-in-chief, cross examination and appropriate judicial questioning, all of which will enable the court to assess the veracity of witnesses and to make confident findings of fact."
(NE)
Michael and John Taggart borrowed the sums for Taggart Holdings Ltd in Northern Ireland and Taggart Homes Ireland Ltd in the Republic.
Last March Belfast High Court held that they should pay back £5m and 4.3m euros.
But Mr Justice McCloskey said today that they should have the chance to bring witness evidence before a trial.
The Taggarts say they have no liability.
But the bank is claiming the money back, saying the pair were "grasping at straws" in their bid to not have to pay.
Mr Justice McCloskey set out the scale of the Taggarts' business operation, saying that in 2006 they were described in the business press as "the richest businesspeople in the country".
Their companies had a £165m annual turnover at one stage but in 2008 the Taggart Group was forced into administration.
Lawyers for the Ulster Bank argued that the evidence the brothers were preparing to present was a case of "grasping at straws" as they were going to mention illness and the stress of getting married.
Nevertheless, Mr Justice McCloskey held that they should have a full trial.
He said: "A vast proliferation of affidavits in this kind of case is no substitute for evidence elicited by examination-in-chief, cross examination and appropriate judicial questioning, all of which will enable the court to assess the veracity of witnesses and to make confident findings of fact."
(NE)
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