6 July 2012 Last updated at 04:42 ET

Banbridge-based Adrian Nicholl declared bankrupt

Adrian Nicholl's company collapsed after owing Bank of Scotland (Ireland) more than £40m.

A property developer whose company collapsed owing Bank of Scotland (Ireland) more than £40m has been declared bankrupt.

Adrian Nicholl controlled the Network Trading Group which was based at Bridge Street in Banbridge.

It owned properties in Portadown, Larne, Lisburn, Dunmurry, Belfast and Culcavy.

It was placed into administration by the bank in October 2010.

In the same year another company of which Mr Nicholl was a director of, Sonah (NI), was placed into liquidation.

It operated the Highways Hotel in Larne and owed creditors more than £1m when it went bust.

Mr Nicholl was also the chairman of the Portadown charitable company, the Thornton Trust, which is being liquidated.

The trust collapsed in 2010 with debts estimated at more than £12m after its property investments turned sour.