Businessman Bill Cullen has dropped all the legal challenges 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 heard yesterday that 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 said there were another eight properties to be sold and the bank would get its money.
Mr Cullen had sought declarations that he has an interest in lands and properties over which the receivers were appointed in 2012 and 2013.
He had also sought declarations that the appointment of the receivers was null and void and had made allegations of breaches of Central Bank and consumer protection codes.
His legal proceedings had been taken against the bank, its receivers and other defendants, including companies, solicitors acting for the bank and individual solicitors and estate agents.
Mr Justice Peter Kelly was told the case was being withdrawn against the various parties on the basis that none would seek their legal costs against Mr Cullen.
Bernard Dunleavy, counsel for the bank, the receivers, Arthur Cox solicitors and individual partners and solicitors of that firm, said his clients had agreed not to seek their legal costs.
Judge Kelly struck out a number of lis pendens notices (notifications of pending litigation) over a range of properties in which Mr Cullen claimed to have a beneficial interest.
The properties included assets of the Glencullen Group of companies and several parcels of land over which receivers had been appointed.