L’uomo ha cancellato un debito di 1,5 milioni di euro in cambio di una somma forfettaria di 20.000 euro
https://www.independent.ie/irish-news/courts/man-has-15m-in-debt-written-off-in-return-for-20000-lump-sum/a1635164697.html
di Pension_Alternative
14 commenti
>A grounds maintenance contractor and farmer who became insolvent after property investments turned sour has had €1.5m in debt written off in return for a lump sum payment of just under €20,000.
>The High Court approved a personal insolvency arrangement (PIA) for James McDonnell (52), of Belvedere, Mullingar, Co Westmeath.
>The father-of-four had debts of €1.7m but just €477,305 in assets, mainly comprising of his family home, which he will retain under the arrangement.
>The court heard Mr McDonnell’s family were in the auctioneering business and he used this as a platform to begin purchasing buy to let properties.
>After taking financial advice, he and his father bought several buy to let properties and a pub.
>Initially the investments worked well and the rental income covered most of the mortgage payments. Mr McDonnell topped up the remainder from his own income.
>However, after the onset of the economic downturn in the late 2000s, there were issues with tenants not paying rent and the apartments lying vacant for prolonged periods.
>Receivers were eventually appointed over the properties and they were sold at a substantial shortfall.
So how do I do this?
>They include Promontoria Aran Limited, an Irish offshoot of vulture fund Cerberus, which was owed just over €1m, and Mars Capital Finance Ireland DAC, owed sums totaling almost €500,000
Agh..fuck em
Fair play to him, wish more done it…Only vulture funds that lost out. Fuck them
Before the Irish bitter outrage comes out – this is a good thing. Quick insolvencies help people and general hurt large creditors and vulture funds.
It appears vulture funds lost mostly.
I couldn’t care less.
Okay if you screw around and get out a loan for a business you best be ready to suffer to consequences, I seriously don’t understand how a business man is able to get their debt written off and walk away as if nothing happened.
I play the stock exchange, if I lose I lose, if I take out a mortgage or loan I pay it, I don’t expect the fucking courts to step in for my bad money management, fuck that guy and the courts
These are the arseholes who are draining our country dry.. not the migrants or poor.. it’s the feckin rich who live on a completely different set of rules to the rest of us.
Please tell me this happens in other countries….I feel like saying “only in Ireland”
A farmer who decided to get in the buy-to-let business by taking millions’ worth of loans. He’s just as guilty as the idiots who gave him the loans and they all share responsibility for the 2008 crash.
Surely he’s spent more in legal fees?
In some ways I have sympathy for the guy in other ways I don’t.
However screw the vulture funds. Zero time for them.
I wonder how much court fees were racked up over the last 15 years on this ‘business’ and who footed the bill