Ulster Bank halts action of Dublin developers

Ulster Bank has won a High Court order preventing the developers of a Dublin retail park from proceeding with an action in which it was claimed the bank contrived a situation in order to call in €24m loans.

Komady Ltd, owned by James Flynn and members of his family, along with business partner Michael O’Reilly, last year failed to get the court to continue an injunction stopping a receiver selling Belgard Retail Park in Tallaght.

Its tenants include B&Q, Mothercare, and Halfords.