TAGGART HOLDINGS' substantial property portfolio on the island of Ireland is now in the hands of administrators.

PricewaterhouseCoopers has taken possession of development land, North and South of the Border, previously held by one of the largest privately-owned property groups on the island.

Belfast-headquartered Taggart Holdings was forced to turn the property over to administrators after management failed to find a way to restructure the group.

PricewaterhouseCoopers confirmed it has been appointed to three divisions in the North - Taggart Holdings Limited, Taggart Homes Limited and Taggart Properties Limited.

PwC has also been appointed as receivers to the Irish-registered, Taggart Homes Ireland Limited and to a number of other Irish-registered Taggart companies.

It is understood the brothers behind the Northern Ireland group, Derry-born John and Michael Taggart, have spent the last few months negotiating with key bankers.

It had been widely known in the North that parts of the Taggart group had been experiencing some problems because of the downturn in the property sector in its principal markets.

Michael Taggart had previously maintained that the group would trade its way out of any difficulties. But his negotiating time ran out when administrators were called in on Monday at the request of the Ulster Bank and Bank of Ireland.

John and Michael Taggart have described the administration move as "deeply regrettable".

Taggart Holdings held a considerable portfolio of development land in Northern Ireland, the Republic and in Great Britain.

Its interests in the North include 87 acres of prime development land in Belfast and Coleraine which Taggart acquired as part of the largest-ever residential property deal agreed in Northern Ireland. Two years ago at the height of the property boom Taggart Holdings partnered with Goodbody and bought Fraser Estates from Fred Fraser and his family for more than €150 million.

The group's property portfolio in the Republic stretched from Dublin to Meath, Kildare and Kilkenny.

Its residential developments such as Royal Canal in Mullingar often sold out on the opening day of release.

In the last decade Taggart Holdings had also built up a significant residential and commercial portfolio in the UK, mainland Europe, New Zealand, Eastern Europe and the United States.

The group acquired a leading housebuilder in the north east of England, Cecil M Yull, in an €89 million deal two years ago.

The terms of the administration arrangement currently do not include any of Taggart Holding's UK portfolio.

But industry sources have described the situation in the UK as "fluid".

The group's other overseas residential and commercial portfolio are also not impacted by the current administration arrangement.