Northern Ireland

County Londonderry firm DAB Developments in administration

A County Londonderry property development firm, which once planned to build hundreds of houses in the Drumahoe area, has been placed into administration.

DAB Developments, formerly called Brookview Developments, has a registered office in Belfast, but was controlled by Garvagh-based developer Denis Heaney.

The firm's last filed accounts, for the year ending March 2010, showed it owed creditors more than £27m.

Its liabilities outweighed its assets by almost £9m at that time.

The company's main banker was understood to be Ulster Bank.

At one time DAB/Brookview was part of a joint venture which planned to build 770 houses on land at Drumahoe.

However, that deal never came to fruition and most of the land in question is now up for sale.

DAB/Brookview also owned other properties in Derry city and county.

There was other evidence on Friday that the property crash is continuing to take its toll in Northern Ireland as a Belfast building firm was placed into administration and an Armagh developer was declared bankrupt.

O'Neill Contracts, which was based in the west of the city, also operated a skip hire business and landfill site.

Its last filed accounts, for 2010, showed it employed around 60 people.

The firm lost money in 2009 and 2010 but had relatively modest bank borrowings.

The developer declared bankrupt was Joseph Rodney Williamson who traded as Rodney Williamson Developments.

His main interests were in the Richhill area.

In 2010 a court ordered him, and another man, to repay £324,000 to Anglo Irish Bank.