Hickeys Pharmacy has withdrawn its legal action against IBRC over the sale of loans relating to the company.

The special liquidators of the bank said the pharmacy chain had withdrawn its proceedings ahead of a hearing that was due to take place earlier today.

It has also withdrawn its application for a judicial review of the IBRC Act, which was passed last year to allow for the liquidation of the bank, and has made a “financial contribution towards the legal costs” of IBRC and the Department of Finance.

The bank’s special liquidators have said that, following the withdrawal of the proceedings, the sale of loans relating to Hickeys Pharmacy will now go ahead as planned.