Bill Cullen: No doubt €11.5m debt will be cleared

Businessman Bill Cullen has told the Commercial Court there is "no doubt" his €11.5m debt to Ulster Bank will be cleared and he became "so irritated" over the approach of receivers in selling assets of his companies that he decided to take legal proceedings.

Mr Cullen, representing himself, said receivers appointed by the bank have reached agreements for sale of five properties for €8.3m. There were another eight to be sold and it was “clear” the bank would get its money, he said.

His “real target” in the case he has brought was the bank and its receivers, and he “might not have got the best advice” in joining more than 20 other parties as defendants, including companies, individual solicitors, and estate agents acting in the intended sales, he told Mr Justice Peter Kelly.