High Court lifts bank’s injunction

The High Court has lifted an injunction restraining Bank of Scotland selling to a hedge fund loans of €67m owed to it by a shipping company that employs more than 300 people.

The Doyle Group wants to refinance its Bank of Scotland loans with Ulster Bank and claims the proposed sale to the Blue Bay fund could be damaging for it and its workers.

A holding company for several firms providing shipping and warehousing services at all major Irish ports, the Doyle Group claims the bank’s attempt to sell the debt to a third party amounts to a breach of a May 2012 agreement between the parties.