Big Developer Going under

That’s a €15M deposit lost for a start. They have other developments under way that are not selling. As with many of thier class they went for high end developments mostly. As we all know these have been hardest hit with the reversal/credit crunch.

ireland.com/newspaper/proper … 48028.html

Don’t get that, what deposit ? What was the HC case about ??

Is he definitely going under ??

BIG NEWS if so. :open_mouth:

There was a thread by a poster a few weeks back that a mid-sized Galway developer was about to go belly up. I forget which poster it was. He said he was a sizable developer but not one the bigger Galway names.

2Pack, you got any info on this ?

What’s the word on the street in Galway ?

Not Definite, but many develoments costing lots of lolly and no sales equals big trouble. The court case is about his inability to fulfill a contract on a site on which he paid €15 m deposit. Basically the bank won’t give the cash, the seller won’t give back the deposit, and he can’t sell apartments to get the necessary cash.

Different developer, but similar developments. You are thinking of the guys who had to sell bentley, farrari, pub and a helicopter.

Teh other develoer owns a helicopter as well!!

he does not really operate here , bar a few hotels .