Mr Justice Horner, a Commercial Court judge in the High Court, made the comments at a Northern Ireland In-House Lawyers Group event held in conjunction with Eversheds Sutherland.

The new Commercial Hub, introduced in April, operates as a business court dealing with all forms of commercial disputes, whether public or private law, and is made up of four judges working across the areas of commercial and chancery law, judicial review and ancillary relief.

Speaking at the In-House Lawyers Group event yesterday, Mr Justice Horner said: “The introduction of the new Commercial Hub is an opportunity for Northern Ireland to become one of the most attractive places in the British Isles to do business.

“The previous system of commercial litigation was cumbersome, expensive and time-consuming. The new Hub has the potential to put Northern Ireland at the forefront of commercial litigation.

“Lengthy and costly dispute resolution has a negative impact not only on the businesses directly involved, but also on the wider economy, making a jurisdiction a less attractive place to invest in.

“The new Hub is designed to be more efficient, more effective and more economical. It will help to streamline commercial actions, and drive down costs in commercial proceedings, helping to make Northern Ireland a more attractive place to do business.”

Matthew Howse, partner in dispute resolution and litigation at Eversheds Sutherland, welcomed the Commercial Court in an article published by Irish Legal News earlier this year.

He wrote: “It is in the nature of business that disputes will arise, and at Eversheds Sutherland we work on the principle that dispute resolution should be always be pragmatic and relationship-orientated.

“There are always going to be times when litigation is necessary, and when it must happen, it is right that it should be as efficient as possible.

“The modernisation brought about by the new Hub will make litigation less complicated, less time-consuming and will help reduce costs.”