McDaid Developers Ltd owe Bank of Ireland £36 million

The Bank of Ireland is set to lose almost £36 million following the collapse of a Derry based property developer.

McDaid Developments Ireland,which had developments in the North, Donegal and elsewhere in the Republic, went bankrupt in June. Its portfolio of sites included completed houses, partially constructed schemes and undeveloped land.

The Administrators report showed that the developer owed the bank more than £42m.

It is thought that the sale of the firms remaining assets would raise less than £8m.