A landmark property developer has been made personally bankrupt after debts of £50 million meant his property empire was placed into administration, according to an Irish News report.
Accountant turned property investor Peter Curistan met his fate on 21st December 2012 by a debtor’s petition, the title reported, following a two-year demise of his investments.
Curistan, 56, is behind some of Britain and Ireland’s most prestigious development projects, including a large entertainment complex, the Odyssey Pavilion, in Belfast.
In 2010, Curistan’s Sheridan Millennium property empire was placed into administration by Anglo Irish Bank with recorded debts in excess of £50 million.
Administrator KPMG has been in control of Sheridan Millennium since but Curistan continues to fight for ownership of it.
The title further reported that Curistan is also fighting a legal battle against the Irish Bank Resolution Corporation (IBRC) – which was formerly Anglo Irish Bank – as he alleged that the Bank was negligent when finding a buyer for the site, alongside claims of fraudulent misrepresentation.
Despite claiming in 2011 that Anglo Irish Bank’s appointment of KPMG was unlawful, Curistan failed to have the administrators removed.
He has since been keen to make big lenders “accountable” for their behaviour in such circumstances, claiming that the way in which they have treated him has “breached the law”.
The Dublin High Court ruled in September 2012 that Curistan must repay £8.3 million to the IBRC.
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