ACC Bank target declared bankrupt in the North

ACC Bank has told a High Court hearing that it has come as a huge surprise that a builder with an address in Co Wicklow was declared a bankrupt in the North yesterday.

The bank has brought a case against Sean McCann of Killegar, Enniskerry and Botanic Court, Belfast over an alleged guarantee he gave as director of a construction firm Killorglin Investments Ltd on a €5.5m company loan in 2006.

The loan facility was issued in 2006 to develop more than 11 acres of land in Killorglin, but the company defaulted when planning permission was refused and the venture stalled.

However, yesterday the builder was declared a bankrupt in Northern Ireland over a £1,400 rent debt.

ACC bank's lawyers said they were completely surprised by the move which they contend was aimed at frustratring bankruptcy proceedings in the Republic of Ireland.

They said today's petition is urgent to stop Bank of Ireland securing priority as a creditor.

It has a competing claim and sought last May to secure a mortgage judgment over 15 of Mr McCann's properties, including the family home.