One of Northern Ireland’s best known residential development companies has gone into administration after it was unable to restructure the company.

Taggart Holdings, founded in 1989 by brothers John and Michael, was placed in administration this week by its banking partners Ulster Bank and Bank of Ireland.

Pricewaterhouse Coopers has been appointed administrator.

Michael Taggart, a well-known figure in Northern Ireland who hired soul legend Lionel Richie for his wedding celebrations last year, has attempting to restructure his company for some time and had appointed BDO Stoy Hayward and KPMG as restructuring advisors.

It is thought the company owes more than €170m (£132m) to creditors.

Taggart has also assembled a large land bank across Ireland and the UK, Eastern Europe, New Zealand and the US which had previously been estimated to be valued at more than £500m. Last year it bought northeast UK residential developer Cecil Yueill. It is expected that some of Taggart’s workforce will now be made redundant.