First Ship Lease Trust issued a writ of summons to its former chief executive Alan Hatton to appear in court.
The move comes seven months after Hatton's departure following accusations from the board of directors that he engaged in self-dealing and disclosed material information to outside parties.
FSL Trust chairman Timothy Reid says it issued the writ to Hatton "for breach of his duties owed to the company" and the trustee manager of FSL Trust.
