Town property developer falls into administration

ULSTER Bank has appointed receivers to more properties which were owned by a Dungannon-based developer.

The bank has moved against Farad Enterprises and Kinler Properties which are both associated with John Curran.

The receivers have been appointed to sites in counties Armagh and Fermanagh.

The Farad Enterprises properties in receivership are mainly on the Killycomain Road in Portadown where another of Mr Curran’s companies, Tiffen Developments, has been building houses.

Tiffen Developments is in administration.

The last filed accounts for Farad Enterprises show it owed its creditors around £19m, which is believed to be mainly bank debt.

The firm’s assets were valued at around £10m.

The Kinler Properties asset in receivership is listed as several folios of land in County Fermanagh.

In 2006 the firm received planning permission for a major retail development on the former Unipork factory site in Enniskillen.

Its last set of accounts show it owed creditors £15m and that its liabilities exceeded its assets by at least £5m.

Last week Ulster Bank also appointed receivers to two related firms in the Republic.

The bank took control of land at Priorland in Dundalk which had been owned by Kinler Developments.

It has also taken over two sites in Dublin which had been owned by Tiffen Developments (IRL).