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The division of Laing O鈥橰ourke at the centre of a row over a failed Spanish property deal with Irish tycoon John Magnier could be wound up, it is understood.

Explore Investments [No 2] is a division of Laing O鈥橰ourke鈥檚 development arm Explore Investments and was set up by the UK鈥檚 third-largest contractor to jointly develop a 3.6ha site in Marbella.

According to the Times newspaper, Magnier is considering demanding a 鈥渃ease trade鈥� order against his joint-venture partner after the pair fell out over payments for the 鈧�25m (拢22m) site.

Magnier claims that Laing O'Rourke owes him half of the 鈧�25m (拢22m) price paid for the site in December 2006, but the Irish contractor disputes this and has so far paid just 鈧�3m (拢2.6m).

A source close to the case said: 鈥淎 deal was done subject to planning permission being granted and that has not been possible. The Spanish authorities have changed the game [by not granting the expected planning permission]. Laing O鈥橰ourke bought 50% on the basis of title being unencumbered and planning permission granted. So there is no deal.鈥�

It is understood that there will be a further hearing on the dispute in Ireland on 15 December, but that Magnier鈥檚 representatives could serve 鈥渃ease trade鈥� papers against Explore Investments [No 2] by the end of this week.

A Laing O鈥橰ourke spokesperson said there would be no more funding made available to Explore Investments [No 2] as the site was no longer viable due to Spanish authorities giving planning permission for only two villas.

He added: 鈥淟aing O鈥橰ourke will be providing in full for the 鈧�3m loan due from its subsidiary, Explore Investments [No 2], following a judgment entered against Explore Investments by an Irish court. This provision will have no material affect on the group trading results for the year.鈥�