A property company in which former Anglo executives Sean FitzPatrick and Lar Bradshaw are involved in owed €101m to creditors within 12 months of the end of its last financial year.

Balcuik owns the Atrium buildings in Sandyford in south Dublin, which it acquired for €95.73m and which were valued at €137.46m in December of 2006, according to its last filed accounts.

Other investors in the building include telecoms entrepreneur Denis O'Brien, businessman Paul Coulson, property adviser Pat Gunne, Smurfit Kappa chief executive Gary McGann and businessman Sean Melly.

Balcuik made a profit of €3.5m for the year ended 30 May 2007, according to the accounts, compared to a loss of more than €400,000 the previous year. The building's rent roll has doubled since it was acquired three years ago and is now 100 per cent let. The rent from the building was just under €6m for the year ended 30 May 2007 and shareholders' funds stood at nearly €48.9m.

Balcuik is owned by another company called Tysan Investments, which is in turn owned by a nominee company from Anglo. However, FitzPatrick and Bradshaw are understood to remain involved in the building.

Tysan made a loss of €2.8m for the year ended 30 May 2007, up from €2.7m the previous year, and the total shareholders' deficit stood at €5.5m. It had an interest rate swap agreement denominated in euro to convert debt of €76.5m from floating rate to fixed rate. That facility expires on 31 May 2010.