Bust green homes firm owes banks millions

Image caption,
Sky Developments used solar panels to reduce energy use

The collapse of a Holywood property firm is set to cost Bank of Ireland and Ulster Bank a total of almost £1.2m.

Sky Developments (NI), which specialised in energy efficient homes, was put into administration in September.

A house it built at the Espalanade in Holywood was said to be Northern Ireland's first carbon netural home.

The administrator said the company was badly affected by the construction downturn from 2008 onwards.

It owes Bank of Ireland just over £2.2m.

The administrator estimates that about £1.3m of that will be paid back from the completion and sale of developments at Glenville Mews in Whiteabbey and Willis Green in Finaghy, along with the house in Holywood.

Ulster Bank are owed just over £1m, which is secured against a development of eight apartments on the Beersbridge Road in Belfast. The administrator estimates that £760,000 will be raised from the sale of those properties.

Total claims from unsecured creditors are likely to amount to £685,000, none of which are likely to be paid.

Those creditors include a Ballymoney architect who is owed almost £50,000.

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