Taxpayer ‘should not have to pay costs’

IBRC has argued that the taxpayer should not have to pay the costs of Paddy McKillen’s legal action aimed at preventing his loans being sold by the IBRC special liquidators to the Barclay brothers.

Mr McKillen had brought High Court proceedings against both the special liquidators of the IBRC and David and Frederick Barclay, the billionaire brothers whom the property investor has been engaged in a long running battle with for control of the world-famous Claridge’s, Connaught and Berkeley hotels in London.

However, the case did not proceed after the Belfast born developer successfully acquired the loans, worth an estimated hundreds of millions of euro, with the backing of private international investment firm, Colony Capital.