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Property companies collapse

More than £1 million owed

Two arms of an Island property company have gone into liquidation.

Manx-registered Richmond Square Design Ltd and Richmond Square Construction Ltd have been involved in the development of luxury properties here and abroad, including plans for a £30 million house in Port Soderick.

It's been confirmed to Manx Radio they owe in excess of £1 million to more than 200 creditors, from both government and the private sector.

Creditors' meetings have been called, to be held at the Claremont Hotel in Douglas on September 20, at 11am and 1pm.

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