Developer Paddy Kelly, who is considering a bankruptcy arrangement, owns part of an Italian resort operator which has been listed for strike-off by the Companies Office.

Accounts for Irish Italian Property Holdings (IIPH) for 2006 show the company had a shareholders' funds deficit of more than €12.5m.

Kelly is one of a consortium that owns stakes in the company. Others include Joe O'Reilly of Castlethorn Construction and French-based investor Charles Fessell.

In its notes, IIPH said a provision of €2.75m had been made against monies due from Heuston Hotels, which shares some shareholders, "due to uncertainty surrounding the recoverability of this balance".

Anglo Irish Bank held a guaranteed bond of €5m in respect of IIPH, a debenture over its assets and a charge over the deposit account with a minimum of €2m.