Court to rule on ‘calamitous’ sale

The High Court will decide today if it is to continue an order restraining Bank of Scotland selling to a hedge fund a total of €67m debt owed to the bank by a shipping firm which employs more than 300 people.

The Doyle Group wants to instead refinance its Bank of Scotland loans with Ulster Bank and claims sale to the Blue Bay fund would be “calamitous” for it and its workers.

The Doyle Group, a holding company for several firms providing shipping and warehousing services at all major Irish ports, claims the bank’s attempt to sell the debt to a third party amounts to breach of a contract between the parties of May last.