Barclays bank is suing accountancy firm Grant Thornton for declaring that Von Essen Hotels was in good health just months before it collapsed.
Barclays helped to lend £250m to the hotel group run by Andrew Davis and remains out of pocket following the deal, according to the Daily Telegraph.
The bank is now understood to be suing for damages it says were caused by Grant Thornton signing off on Von Essen's accounts from 2006 to 2009.
It claims the accountancy group acted negligently, according to court documents.
Von Essen went into administration in 2011 after it failed to keep up payments on its debt, which amounted to almost £300m.
The group consisted of 28 properties when it went into administration, all of which have now been sold.