BoI takes over troubled Shovlin assets (Beacon Sandyford)

[Arbitrager]

sbpost.ie/news/ireland/boi-takes-control-of-troubled-shovlin-assets-50313.html

Bank of Ireland has moved to take control of assets belonging to Paddy Shovlin, the high-profile property developer and businessman who was instrumental in developing large portions of Sandyford in south Dublin.
The bank is appointing a receiver over a sizable amount of Shovlin’s assets, including a significant portion of his interests at the Sandyford campus, as well as certain other property interests.
The bank is appointing the receiver to secure large sums of money it advanced to the developer.
The accountancy firm Mazars is acting as the receiver. Through his Landmark Developments group, Shovlin’s major projects include Beacon Court and Beacon South Quarter in Sandyford, which were among the most ambitious redevelopment projects in the country.
However, it is understood that the group has suffered in line with the collapse of property prices, and the company is now sitting on a large stock of empty apartments.
The bank has become increasingly concerned about its exposure prompting the appointment of the receiver over certain assets.
The bank and the receiver will take out advertisements in the national press in the coming days, issuing an appointment notice. However, a number of Shovlin’s developments and investments, including certain leisure and hospitality interests, have not been affected by the move.
Shovlin has strong connections to the former tax adviser Derek Quinlan. In 2006, Shovlin and Quinlan Private paid €200 million for the Bank of Ireland headquarters on Baggot Street. Its value is thought to have considerably declined since its purchase.
The investment partnership between the two businessmen was repeated on the Beacon South Quarter project, when in July 2006, Quinlan Private snapped up a 50 per cent stake in the office and retail scheme, which was developed by Landmark Developments, for €75 million.

[mr_anderson]

Its amazing how repetitive this kind of story has become to us.
Anyone care to guess how far into the ‘development reposessions’ we are ?
Start, middle, end ?

[grannie]

Why Paddy Shovlin first? Is it because he is a truly nice person, honest caring and a good guy. Or was he chosen as NAMA’s first legal battle due to his ‘other’ persoanlity traits.

[Arbitrager]

Council to pursue businessmen for €12.8m in development levies … October 19, 2010
DÚN LAOGHAIRE-Rathdown County Council is pursuing businessmen Paddy Shovlin and hoteliers Patrick Fitzpatrick and Anthony Fitzpatrick for €12.8 million in allegedly outstanding development levies.

The charges related to the Beacon South Quarter development in Sandyford, Dublin, and include a contribution towards the cost of the Luas line to Cherrywood which has just opened.

Mr Justice Peter Kelly ruled yesterday the council, in the manner of bringing its claim, had failed to show it acted with the urgency required for proceedings to be fast-tracked in the Commercial Court…irishtimes.com/newspaper/ireland … 43750.html

[grumpy]

Nama bankrupt Shovlin swaps Ferrari for a bike

Bankrupt property developer Paddy Shovlin has put his property woes behind him by taking part in a charity cycle from Paris to Nice starting this weekend.

The developer, whose companies owe €280m to Nama, will spend the next six days cycling 700km through the beautiful French countryside.

Mr Shovlin, who now lives in exclusive Chelsea in London, was accustomed to racing Ferraris around the world during the boom. He went bankrupt in May 2012 in London.

Now his central concern will be the risk of saddle sores as he joins the race, which hopes to raise €1m for the Special Olympics and Cerebral Palsy Sports Ireland.

In London, his apartment is more comfortable and it commands a rent of €7,860 per calendar month according to UK property database Zoopla.

independent.ie/business/iris … 44286.html

Cunt.

[BoyRacer]

Beacon builder to start over debt free - Ronald Quinlan -> independent.ie/irish-news/be … 97108.html

This Wednesday, however, will mark a new and debt-free beginning for developer Paddy Shovlin, when he receives an automatic discharge from bankruptcy in the UK.

In coming out the other end of the UK’s more benign insolvency regime, Mr Shovlin joins a number of major Irish developers, including Ray Grehan of Glenkerrin Homes, and Fleming Construction boss John Fleming, in securing a clean bill of financial health in the face of overwhelming debt.

Where Mr Grehan and Mr Fleming’s overall liabilities came to some €300m and €1bn respectively, prior to their decision to relocate to London and declare themselves personally insolvent, in the case of Mr Shovlin, the amount – which is owed to Nama principally – came to hundreds of million of euro and arose mainly from his company’s ill-timed €500m plans for the Beacon development.

there is more

[Mr_Deeds]

He may have other sites which are Shovlin-ready!

[Lefournier3]

The IT has finally run with a story that it got from the Pandora Papers last September.

It seems Shovlin and the two Fitzpatricks forgot to include a huge site in Warsaw among their assets during their English bankruptcy from which they were discharged years ago.

Awwwkward!

https://www.irishtimes.com/business/construction/irish-developer-trio-bankrupted-in-england-retained-polish-site-1.4835215