Private-equity company RQB has had a receiver appointed to two of its subsidiaries by Bank of Ireland.

RQB (Diswellstown), which owns 17 acres of residential zoned land in Castleknock, Dublin, and RQB Malahide have had David Carson of Deloitte appointed receiver. The move was confirmed by RQB, which declined to comment further.

RQB was set up by corporate financier Niall McFadden and developer Paddy Kelly and raised money from high-net-worth individuals to invest in development sites.

The remainder of the business is unaffected by the receiverships.

RQB, along with partners, was one of the underbidders for the Jurys Doyle site in Ballsbridge, which sold for €260m to Sean Dunne and is also involved in the planned $900m Sawgrass resort in Florida.

Earlier this year RQB wrote to investors stating its Dublin sites were "suffering from market and banking difficulties… In each case, we are of the view that investors generally do not have either the liquidity or appetite to allow for a successful fundraising to deal with banking issues."

RQB was restructured earlier this year, resulting in 10 staff members being laid off or redeployed.

See also page 4