Northern Ireland

Two failed developers may owe PMS over £20m

Presbyterian Mutual Society Logo
Image caption The PMS may not be the only creditor the companies owe money to

Two failing property firms could owe the Presbyterian Mutual Society (PMS) more than £20m.

In December the PMS appointed receivers to properties owned by Li Developments and Moore Associates (NI).

The two companies have not filed accounts since 2008 but at that time they owed creditors more than £27m.

Documents filed at Companies House suggest that the PMS was not the only creditor so the society's total exposure is unclear.

The Li Developments accounts for the year ending August 2007, which were filed in February 2008, show creditors were owed £22m.

The firm's liabilities exceeded it assets by £41,000.

Some of the PMS mortgages were registered after August 2007, as was a Derbyshire Building Society mortgage.

The Moore Associates (NI) accounts for the year ending August 2007, which were filed in February 2008, show creditors were owed £5.6m and net assets were £62,000.

The company mainly had PMS mortgages.

A related company, which has no PMS debts, Stamore Properties owed its creditors £21m at the time its last accounts were filed for the year ending August 2008.

The company's liabilities outweighed its assets by more than £14m at that time.

Ulster Bank appointed receivers to various Stamore Properties assets in May 2010.

Meanwhile, it has emerged that the Department of Enterprise is seeking to have three people associated with all the companies disqualified from acting as company directors.

The case involving Stephen Jonathan Moore, Samuel Hugh Moore and Lorna Irene Moore is due for mention at the High Court in Belfast on Thursday.

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