Celtic Bookmakers goes bust


#61

And sure you could get sea sick looking at the ocean hard aul life


#62

I am beyond pissed with this one, I have been involved in failed enterprises, very small scale compared to this but leaving creditors with unpaid bills, leaving people out of work, business owners losing all equity. It happens and when honest it is a tough situation for all involved, disheartening and sometimes financially devastating on the people involved as in this case where Ivan chose to pledge personal assets to support the business. I am fine with the resultant bankruptcy and applaud it, however, if he was going to validly claim the UK as his center of interest then live with it - live there, work there, contribute to society, respect the domicile that he chose to claim, validly per the bankruptcy judge. However, to so obviously abuse that is sickening, so obviously immoral and to me should have consequences.
A glorious immigration to Ireland to lecture us all on how tough it was while living abroad, so that he could more efficiently pass on his debts to his creditors, while getting a state pension and his wife in state employment, well it pisses me off beyond belief. I can only hope his pension is subject to an IPA for another few years, seems otherwise he is scott free to lecture to us on his bullshit.


#63

insolvencydirect.bis.gov.uk/ … CaseType=B


#64

Not sure if this has been posted before, but this appears to be the original application showing all his assets etc.

s3.amazonaws.com/s3.documentclo … ragged.pdf


#65

It was completely, totally and utterly his own decision to go there

*"So, I put on my dressing gown and wandered out to the balcony, looked out at the luxury yachts and bingo! I had the answer…

I got the ferry there, age does that to a man"*

Still, if they get rid of Chris O’Donoghue all is forgiven…


#66

Tis tough alright. And the Ospreys were playing poorly last season. You’d freeze your ass off in the liberty stadium in the middle of winter.


#67

Twin terrors im afraid


#68

He claims to have been paying Irish income tax on his pensions. I’d have thought if you move abroad you need to switch to their income tax even if the income is from a couple state pensions. It’s not something that would help with the COMI.

He seems to have struggled to get his 3130 post tax income to be balanced off by outgoings. What’s 1000 for maintenance payments and fines? Travelling to and from work - 200. 200 euro a month on clothes?


#69

If I had the time I’d re write the script for this, " and Claire Byrne and the way she would look at ya "

youtube.com/watch?v=t4hmFPBf-C8


#70

AIB wanted to bankrupt him over a gross debts of £2.8M and a net deficiency of 2?

Must have been some serious bad ass shit between the two of them :stuck_out_tongue:


#71

Twin terrors im afraid


#72

I didn’t realise the wife was a teacher - I thought she ran the Bookie business in the past.


#73

No he did not. He was no longer a TD after the 2002 elections.
(But his buddies in Fine Gael surely did along with Sinn Fein.)

I don’t know. Do you know?

Yes.
He did have some role.
If he hadn’t built up these debts then they wouldn’t be part of my problem at the moment.
He has been successful, in an indirect fashion, in getting me to pay for his mistakes.
His former buddies in Fine Gael and Labour have both lied to the public in their continuance of support of the government/banking super class.

Not true.
He was a specuvestor.
He speculated in the grand scheme of things with regard to the growth of Celtic Bookmakers.
He made large investments and gambles on his business model.
These were bad investments.
He then ran away from home to cry on his Queen’s shoulders.

You’ve even admitted to the property related aspect of some of his decisions.

I don’t really have a problem with people making mistakes. I’ve made plenty of them. And I really don’t want people who made mistakes to have to suffer from them either.

What I do have a problem with is people making big mistakes and expecting others to pick up the pieces from them and also to bear the suffering that they, who made the mistakes, should be bearing.

This is an Irish Cultural problem.
Of long standing.
I don’t see it being fixed or resolved in this island of selfishness.

Anyhow, don’t bother with any of the above, it’s all “moronic”. :angry:


#74

revenue.ie/en/tax/it/leaflets/res1.html

I am retired and am in receipt of an Irish ‘Public Sector’ Pension. I am going to live abroad. How will my pension be treated for tax purposes?
A ‘public sector’ or governmental pension is a pension payable by the State or a Local Authority in connection with the discharge of functions of a governmental nature or in respect of services rendered to the State.

In general, an Irish governmental pension will be taxable solely in the State, irrespective of the residence status of the recipient.


#75

interesting


#76

From what I know of the bookmaking industry, it seems apparent that his decision to expand his high street presence in the face of all known evidence about the continued decline in revenues for this avenue of betting was a punt that fixed odd betting terminals would be allowed in Irish shops. These machines have been the saviour of the high street bookies in the UK and are now generating very substantial revenues. The Irish govt has decided that these machines will not be allowed in Irish betting shops, a decision that left Yates with no option, he had after all acquired a string of shops in low income areas which didn’t have any other real potential.

All that aside, I did enjoy him on the breakfast show and I might even turn it on for a while the odd morning now.


#77

That’s interesting, never heard of that. It does stop a chunk of income tax fleeing the state after all the expensive retirements of the last few years.

The numbers add up for it being Irish taxation, Ivan’s entitlement of 74,000€ would be roughly 3000 sterling per month after Irish tax.
Sterling weakened during his harsh exile, so at least he’d have seen a modest pay rise over the year.

(EU official pensions are even more enviable knowing this, you take the low EU income tax to where ever you decide to retire.)


#78

Reactivated and wii4miinow have got it right.

As someone who frequented his shops I know he wasn’t suited to being a bookmaker/businessman. Anyone with a modicum of common sense will tell you that you should never put all your eggs into one basket. Ivan gambled it all on the hope that Fixed Odds Betting Terminals (think One-Armed Bandits) would be permitted into Irish betting shops. These machines are destroying peoples lives in the U.K. currently (many betting shops over there can now open between 8am and 10pm to facilitate and profit from this addiction). I find it difficult to have sympathy for him. He bet it all on red with little thought for those whose lives would be destroyed by these machines.

For a bookmaker he had a poor understanding of risk.


#79

I think I’ve mentioned it before but CB weren’t well run; they had to send a memo out to all branches reminding them of the Operating Procedures - some very basic stuff basic apparently. Of course the memo leaked - a friend in a well run rival told me they basically had a good laugh at it.

Not to mention how dependent all bookies (shops) were on cash-in-hand punters - construction workers were great customers for various reasons and CBs, with no interweb presence were even more dependent on breakfast roll man


#80

Back in June 08, Celtic were quoting 3/1 on the “No” vote in the Lisbon referendum. At the same time little Paddy Power were offering 1/2 “Yes” (7/4 “No”). Crazy.