Cullen drops legal battle against Ulster Bank receivers

Bill Cullen has dropped all legal challenges that he had mounted in the Commercial Court against the approach taken by Ulster Bank-appointed receivers in selling assets of his companies.

The High Court yesterday heard Mr Cullen, who owes the bank €11.5m, will not now face a huge legal costs bill because of his agreement to the sale of five of his properties for €8.3m.

He told the court there was another eight properties to be sold and the bank would get its money.