The Belfast-based family-owned company is working out a plan for entering a Creditors Voluntary Arrangement, allowing it in effect to try to trade its way out of administration.
Managing director Christopher Carvill said: “Due to economic pressures The Carvill Group is entering discussions with its creditors about a CVA process. We recognise the difficulty that this course of action will have for our creditors and can only apologise for having to do it.
“There have been positive discussions with the banks and we anticipate that they will fully support the process. It is our intention that we do not disrupt existing contracts to purchase homes on our projects.
“We will be continuing to pursue planning permissions for our projects and onward development of them.”
Among Carvill's projects is the £600m Sirocco Quay project, a 15-acre mixed-use development on Belfast’s waterfront. Plans for the site include 5,000 apartments.
The company is reportedly very highly geared, and 18 months ago had borrowings of £120m.
Carvill’s website says that the Carvill family has been in the construction business for more than 100 years, since Patrick Carvill established a building firm in Warrenpoint in the late 19th century.
It has projects in Germany, as well as Northern Ireland, England and Scotland.
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