Europe

Firm owned by Derek Harrison in administration

Northern Bank
Image caption Northern Bank has appointed receivers to several sites in Armagh and Tyrone.

A firm owned by County Armagh property developer Derek Harrison has been placed into administration.

Future Residential Developments, which has its registered office in Portadown, last filed accounts for the year ending October 2007.

At that time it had borrowings of almost £6m. Its auditor said the value of its property assets was uncertain.

Documents filed at Companies House suggest the firm had been loaned money by Northern Bank and Bank of Ireland.

Mr Harrison is a director of a large number of successful property firms. Most are continuing to trade normally.

However, three financial institutions have moved against some of his firms in the last two years.

Northern Bank, which is believed to have been one of the main funders of Mr Harrison's firms, has appointed receivers to several sites in Armagh and Tyrone.

Last year the Derbyshire Building Society appointed receivers to properties in Cookstown, Lurgan and Portadown.

Earlier this year, Bank of Scotland appointed receivers to development sites in counties Armagh, Tyrone and Antrim which were held by various companies.

The assets were placed into receivership in April and include fields at Tarry Lane in Lurgan with planning permission for 100 houses.

The other sites are the old Woodside Training Centre in Omagh which has planning permission for 40 houses, a site in Fivemiletown with planning permission for 50 houses and a site on the Belfast Road in Carrickfergus.

More on this story