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17/09/2012
Barnish Directors Estimate Bank Will Get Just £1.5m Back
A County Antrim property firm, placed into administration last month, has estimated that the former Anglo Irish Bank will get back just £1.5m of the £9.5m it is owed.
Barnish Homes owned a large site on West Circular Road in west Belfast, next to the former Mackies site.
A £9.5m mortgage was registered on the site in 2005.
However, in a statement of affairs, the Randalstown firm's directors estimate that the site is now worth just £1.5m.
The site has planning permission for 247 homes comprising 117 townhouses, 68 mews houses, 14 semi-detached houses and 48 apartments.
When Barnish Homes was placed into administration the bank, now called IBRC, also appointed receivers to some of the assets of a number of related companies.
IBRC is now in the process of running off the bank's loan book and shutting it down.
(H)
Barnish Homes owned a large site on West Circular Road in west Belfast, next to the former Mackies site.
A £9.5m mortgage was registered on the site in 2005.
However, in a statement of affairs, the Randalstown firm's directors estimate that the site is now worth just £1.5m.
The site has planning permission for 247 homes comprising 117 townhouses, 68 mews houses, 14 semi-detached houses and 48 apartments.
When Barnish Homes was placed into administration the bank, now called IBRC, also appointed receivers to some of the assets of a number of related companies.
IBRC is now in the process of running off the bank's loan book and shutting it down.
(H)
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