Northern Ireland

Property developer Peter McDaid banned as company director

A Londonderry property developer, whose firm went bust owing Nama more than £30m, has been banned from acting as a company director for eight years.

Peter McDaid ran McDaid Developments (Ireland), which did much of its business in County Donegal.

The firm also had land or developments in Londonderry, Cavan and Longford.

It went into administration in 2010, leaving creditors more than £33m out of pocket. Its biggest creditor was Nama, the National Asset Management Agency.

Nama had taken over loans originally made to the company by Bank of Ireland.

Northern Ireland's Department of Enterprise, Trade and Investment (DETI) found that two transactions in the two years before the administration were detrimental to the firm's creditors.

They were the sale of a property in Donegal, in lieu of an alleged loan of 140,000 euros (£120,000) when in the opinion of the administrator, the property was worth at least 230,000 euros (£197,000).

Secondly, giving a tenant of a property the option to buy it for 400,000 euros (£343,000) when in the opinion of the administrator, the property was valued at around 550,000 euros (£471,000).

Mr McDaid also failed to adequately account for the whereabouts of all the fixed assets owned by his company.

After the company failed, he also submitted a materially inaccurate Statement of Affairs which overstated the value of the company's land and property by £9,850,000.

At the time that McDaid Developments (Ireland) entered administration it had 13 sites that were a combination of undeveloped land, completed houses and partially-built developments.

In addition to the bank debt, the firm owed almost £800,000 to smaller unsecured creditors, many in County Donegal.

The company's last set of accounts, for the year ending November 2008, showed it lost more than £6m in that time, compared to a £500,000 loss the year before.

A note in those accounts showed that Mr McDaid, had personally guaranteed at least some of the company's borrowings.

He was declared bankrupt in April 2012.