Dungannon house-builder into administration over £11m debt
A DUNGANNON house-building firm which owes Ulster Bank more than £11m has been placed into administration.
Bush Developments (NI) owned sites at the Bush in Dungannon and on the Enniskillen Road in Ballinamallard.
The firm’s last set of accounts, for 2011, show that its liabilities outweighed its assets by almost £9m.
The company, which was set up in 1998, specialised in the construction of buildings and civil engineering works.
A statement in those accounts said the firm had been badly hit by the fall in the value of development land.
The Northern Ireland property crash has seen the value of development sites fall by as much as 90%.
Earlier this month, Ulster Bank appointed receivers to the assets of a related company, Broomhall Properties. That firm is in liquidation.
The assets in receivership are sites at Trewmount Road in Dungannon and Beechfield in Ballinamallard.
Broomhall Properties last set of accounts, for 2011, show that it owed the Ulster Bank more than £16m.
The firm’s liabilities outweighed its assets by more than £14m at that time.
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