independent

Wednesday 16 April 2014

Curistan declared bankrupt

The developer behind Belfast's Odyssey Pavilion and the Parnell Centre on Dublin's Parnell Street has been declared bankrupt by a court in Northern Ireland.

Northern Ireland-based Peter Curistan was declared bankrupt at the High Court in Belfast on December 21, according to the Northern Ireland courts service.

His biggest creditor is understood to be state- owned Irish Bank Resolution Corp (IBRC), the former Anglo Irish Bank.

Anglo had been a major backer of Mr Curistan's developments during the boom, but both sides have been involved in an intense series of legal battles in recent years.

Last September a court in Dublin ordered Mr Curistan to pay the bank €10m to honour guarantees he had given for property loans taken out by companies owned by the businessman.

However, Mr Curistan is suing the former Anglo over what he has claimed was negligence by the bank in allowing the sale of his Odyssey Pavilion at a knock-down price.

In July last year it was Mr Curistan who in Court first revealed the names of the "Maple 10", the developers who were given unguaranteed loans by Anglo totalling €451m in order to buy some of businessman Sean Quinn's stake in the one-time bank.

Irish Independent

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