A BANK yesterday urged Northern Ireland’s High Court to back its claim for the recovery of millions of pounds from two brothers whose construction empire has collapsed.

Michael and John Taggart are defending a case over loans they were said to have personally guaranteed before their company went into administration in 2008.

Ulster Bank has identified figures of £5 million and €4.3 million that it is seeking from the men.

A High Court Master has reserved his decision on whether or not the case should proceed.

The brothers, who ran housebuilders Taggart Holdings, have filed a separate multimillion pound lawsuit against the bank. They claim it acted prematurely when the administrators were called in, according to reports.

In yesterday’s summons brought by the bank, the issue of whether the personal loan guarantees given by the Taggarts were temporary or otherwise is in dispute.

Both sides made submissions on a loan-to-value of assets agreement that forms a key part of the case.

Michael McLaren QC, for the Taggarts, outlined their shared belief that the guarantee was not long term. He said: “They signed guarantees only on the understanding that they were temporary.”

Michael Taggart has claimed the banks moved too quickly and debts could have been reduced if he and his brother had been allowed to continue.

The court gave no date for when it would deliver its decision.