One of NI's best known banks is likely to lose more than £2m it is owed by a property company which went into administration.

The Ulster Bank was owed £3.4m by Hanna Quality Homes Limited when administrators were appointed last year.

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A report filed by the administrator now shows that the bank can expect to get back about £1.2m from the sale of assets. Most of the assets are land and properties in the Portrush and Coleraine areas.

The report, compiled by the administrator from FGS McClure Watters, also details how the wife of company director William Hanna "purchased the plant and equipment of the company for £10,207 less than its value".

(BMcC/KMcA)