PROPERTY DEVELOPER BANNED FROM BEING COMPANY DIRECTOR OVER DONEGAL DEAL

first_imgA property developer, whose firm went bust owing Nama more than Stg£30m, has been banned from acting as a company director for eight years over how he handled two Donegal property deals.Peter McDaid ran McDaid Developments (Ireland), which did much of its business in County Donegal.The firm also had land or developments in his native Derry as well as in 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 Its biggest creditor was Nama, the National Asset Management Agency.Nama had taken over loans originally made to the company by Bank of Ireland.Northern Ireland’s Department of Enterprise, Trade and Investment (DETI) found that two transactions in the two years before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 when in the opinion of the administrator, the property was worth at least 230,000 euros. Secondly, giving a tenant of a property the option to buy it for 400,000 euros when in the opinion of the administrator, the property was valued at around 550,000 euros.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 €900,000 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.PROPERTY DEVELOPER BANNED FROM BEING COMPANY DIRECTOR OVER DONEGAL DEAL was last modified: June 28th, 2013 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:PROPERTY DEVELOPER BANNED FROM BEING COMPANY DIRECTOR OVER DONEGAL DEALlast_img

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