A High Court action in which National Irish Bank claims it is owed £6.4 million (€8.13 million) by a meat exporting company, Purcell Brothers, will be heard next February.

Mr Justice Kearns yesterday fixed February 15th for the case. He was told it would take two weeks.

Purcell has denied it owes the amount claimed by NIB.

It contends the debt was the result of unauthorised foreign currency speculation by the former managing director, Mr Gerry Purcell, which was "facilitated and encouraged" by NIB, and that, as a consequence, Purcell was not liable for the debt.

The bank has rejected that argument and insists Mr Purcell was an experienced businessman "who knew what he was doing". It also claims Mr Purcell had additional debts of more than £3 million as a result of foreign currency transactions with other financial institutions.

In the High Court last month, Mr Justice Kearns granted Purcell application to prevent NIB taking steps, which could include appointment of a receiver, to enforce securities relating to the debt. Despite what he described as the "somewhat dubious merits" of the case, the judge said he would grant an order restraining NIB from taking such steps pending the outcome of the full action .

However, he instructed the company immediately to sell 156 acres of farmland at Gracedieu on the outskirts of Waterford city which, the court was told, was very valuable property. That value could be greatly increased if it were rezoned, the court was told.

The court was told a decision on such rezoning was due about next February or March.

Purcell appealed against that part of the judge's order to the Supreme Court. On November 17th, both sides agreed the appeal could be adjourned generally on foot of an undertaking of the bank not to seek the sale of the Gracedieu lands pending the outcome of the main action.