Limavady business Taggart Homes will continue to trade during the process

Current director Nicolas Taggart (left) and father Michael, who was a former director

Current director Nicolas Taggart (left) and father Michael, who was a former director

A building company once owned by two of Ireland’s richest men has commenced insolvency proceedings after racking up debts of more than £3.4m.

Taggart Homes, in Limavady, Co Londonderry, continues to trade while the restructuring process take place.