Northern Ireland

Mivan: Construction firm collapse to cost small creditors over £5m

Image caption Antrim-based firm Mivan went into administration in January

The collapse of Mivan, the Antrim construction firm, is set to cost subcontractors and other small creditors more than £5m.

Mivan was placed into administration in January after suffering major losses on projects in Romania.

A statement of affairs show that Mivan creditors include a Belfast shipping firm owed more than £400,000 and a timber merchant owed almost £150,000.

It is unlikely that any of that money will be paid.

The firm's largest creditor was Danske Bank, which was owed almost £10m.

The bank is only likely to recover about £1m of that.

Mivan's assets, including its factory in Antrim and its trademarks, were sold to the Newry-based firm MJM.

The administrator's report states that MJM paid £1.5m for those assets.

Mivan was founded by Ivan McCabrey in 1975 and he quickly moved into overseas contracting.

In the early 1980s, the firm was involved in a wide range of projects in Iraq, including power stations, apartments and a palace for Saddam Hussein.

The company continued to win work in the Middle East, including the restoration of the prestigious Dome of the Rock in Jerusalem for which it won a Queens Award for Export.

Other high profile jobs included fit-outs at Disneyland Paris, the Millennium Dome and One Hyde Park, London's most expensive apartment development.

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