Builder left country 'owing bank €16m'

[grumpy]

A Galway builder who owes €16m to a bank that provided finance for a development project in Co Clare left for Australia last year without telling his partner and co-borrower in the project, a court was told last week.

Martin Roche, who was in his mid 20s when he started making serious money out of the building trade – and his partner, businessman Donal O’Connor – planned to build 25 shops and offices, a creche and nearly 100 homes in the landmark development in the village of Clarecastle, outside Ennis, Co Clare.

But last week the High Court was sifting through the wreckage of the Clarecastle project, with Zurich Bank applying to the courts for summary judgement for nearly €16m against Mr O’Connor, of Stradbally East, Clarenbridge, Co Galway.

Summary judgement for that amount was previously entered against Mr Roche, of Aille, Loughrea, Co Galway.

Mr Justice Peter Kelly heard evidence that sharp differences have arisen between the two businessmen, including the claim made in an affidavit by Mr O’Connor that his partner in the project had left suddenly for Perth, Australia, without his knowledge.

independent.ie/national-news … 61809.html

Seems rational.

[watch_wait]

Can the Director Of corporate enforcement start Criminal proceeding for fraud and get an international arrest warrent issued for all of these delinquent fe**rs that feel they can skip the country and get PAYE workers to pick up the tab.
If we instate Criminal proceedings they will never get a Visa and will have to come home eventually.

[xman]

@watch+wait

Can the Director Of corporate enforcement start Criminal proceeding for fraud and get an international arrest warrent issued for all of these delinquent fe**rs that feel they can skip the country and get PAYE workers to pick up the tab.

Two things

The builder does not have any money. He has debt. And a muddy field. The guy with the money is the smartypants who sold him the muddy field.

The builder did not decide to get the taxpayer to pick up the tab for his bad bet on the property market. Brian Cowen made that decision.

[Olympia]

@watch+wait

Can the Director Of corporate enforcement start Criminal proceeding for fraud and get an international arrest warrent issued for all of these delinquent fe**rs that feel they can skip the country and get PAYE workers to pick up the tab.
If we instate Criminal proceedings they will never get a Visa and will have to come home eventually.

How could you establish fraud? I’m sure the builder intended to repay the loan at the time.

[Ireland_is_different]

@watch+wait

Can the Director Of corporate enforcement start Criminal proceeding for fraud and get an international arrest warrent issued for all of these delinquent fe**rs that feel they can skip the country and get PAYE workers to pick up the tab.
If we instate Criminal proceedings they will never get a Visa and will have to come home eventually.

I agree, lets stop these f*ckers from ever setting foot in this country, especially for a family funeral or wedding,
you’d be surprised how not being able to return for the funeral of a loved one can change one’s attitude to absconding from their responsibilities

[orinoco]

I’m told there are a lot more juicy details in this case … what these guys had been spending money on … fast cars, kitting out a mansion and a feckin’ chopper!

Incidentally, O’Connor is a used car salesman, Derrydonnell Car Sales, and a director of a helicopter company.

[Truth.ie]

Emigrating is a stressful experience for anyone.
Emigrating and knowing you can’t ever return (family deaths,weddings, illness’s, birthes etc) carries some significant psychological burdens and tests the soundest of minds.

[tullibardine]

All this story does is to once again point out that Irish banks were willing to lend vast amounts of money to people with the phycological and moral mentality of an 8 year old, and now we hear of hard working folk being turned down for much smaller sums required to keep their legit businesses going through a recession. The point to note is that the people who made these decisions are still in their jobs.

[watch_wait]

@Olympia

@watch+wait

Can the Director Of corporate enforcement start Criminal proceeding for fraud and get an international arrest warrent issued for all of these delinquent fe**rs that feel they can skip the country and get PAYE workers to pick up the tab.
If we instate Criminal proceedings they will never get a Visa and will have to come home eventually.

How could you establish fraud? I’m sure the builder intended to repay the loan at the time.

Strategic default of a loan with the objective of defrauding the taxpayer (that means you) of millions.

If it is not a crime it should be made a crime.

[room305]

@watch+wait

Strategic default of a loan with the objective of defrauding the taxpayer (that means you) of millions.

If it is not a crime it should be made a crime.

As has been pointed it is not the intention of the defaulter to make the taxpayer repay the loan. That is the intention of central government.

Defaulting on debt is not a criminal matter, nor should it be.

[Tyrannosaurus]

@watch+wait

Can the Director Of corporate enforcement start Criminal proceeding for fraud and get an international arrest warrent issued for all of these delinquent fe**rs that feel they can skip the country and get PAYE workers to pick up the tab.
If we instate Criminal proceedings they will never get a Visa and will have to come home eventually.

What should he do? He will never be able to repay it just look around at the state of the economy here, its not like its malicious really. If he stays in Ireland we are no better off. Its Fianna Fail and the Greens who insist we repay the debt.

[shanieboy01]

is he back in the country now. i heard of some developer from galway who did a bunk to oz but came home fairly quickly. actually he i probally 1 of many

[watch_wait]

@Blindjustice BATONEFFECT

@watch+wait

Can the Director Of corporate enforcement start Criminal proceeding for fraud and get an international arrest warrent issued for all of these delinquent fe**rs that feel they can skip the country and get PAYE workers to pick up the tab.
If we instate Criminal proceedings they will never get a Visa and will have to come home eventually.

What should he do? He will never be able to repay it just look around at the state of the economy here, its not like its malicious really. If he stays in Ireland we are no better off. Its Fianna Fail and the Greens who insist we repay the debt.

I expect them to behave like responsible businessmen.
I object to people who make no effort to face the problems and just run away moving themselves and all of their assets to another jurisdiction leaving us to pick up the pieces.

I expect them to go bankrupt, pay their creditors 20c in the euro, and generally take responsibility for their risk taking.
This is much better than copying the behavior of Michael Lynn.

[fedorov]

it makes me feel so happy that my income levy is paying for depreciation on helicopters and the like