Northern Ireland

Taggart brothers owe creditors up to £213m

Michael Taggart
Image caption Michael Taggart (pictured) and his brother, John, are offering a settlement where they would repay less than 1p for every pound they owe

Two County Londonderry brothers facing bankruptcy owe their creditors up to £213m, the High Court has been told.

Property developers Michael and John Taggart are offering a settlement where they would repay less than 1p for every pound they owe.

That arrangement, known as an Individual Voluntary Arrangement (IVA), would allow them to avoid bankruptcy.

Image caption The Taggart Group, founded by brothers Michael and John Taggart, was badly hit in the property crash

The brothers' house-building business collapsed in 2008. Their creditors will vote on the IVA proposal next month.

In December 2015, the brothers lost a long-running legal battle with the Ulster Bank.

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