The bank demanded repayment of the loans last October after key companies in the Zoe Group were refused court protection. The bank is moving under a facility agreement of March 2009 made between it, the five companies and Vantive Holdings (the funding company of the Zoe Group) under which AIB continued loan facilities of E528m to the

five companies and also agreed to make available additional loans.

The bank claims E550m is now owed to it under that facility agreement and claims it has security for that amount on the basis of letters of undertaking from solicitors for the defendant companies and the deposit of title deeds for the various premises.