Court orders developers to pay bank €6.9m

ACC don’t seem to be shy about taking developers to court.

These are the same guys who paid a record price for a site in Naas.

archives.tcm.ie/businesspost/200 … y12560.asp

I hope to God they’re forced into a firesale.

Its good to see the foreign owned banks are not holding back when it comes to developers and it will be interesting to watch if the rest of the foreign owned banks do likewise as time passes while the domestic banks may be expected to suck it up with pressure from political circles.

Definitely ACC are making all the running here

they’re in practically all the cases

not part of the cosy cartel of paranoid and frozen Irish bankers who just want to close their eyes and make it all go away

I’ve posted this here before, and I am speaking from experience: Workout is very specialised.
In these situations, the relationship is over, finished, finito. The problem with the banks here is that the same people who gave the loans are on the workout - that simply won’t work. You need a hardnosed, heartless b’stard who will screw the client for every drop left: that’s why NAMA won’t work if they leave the loan administration with the banks. The banks were lavish with their client entertainment - Grand Prix, Golf, Champions League, you name it. The same people who took their clients to these events won’t be able to screw them as necessary now.

Many developers gave personal guarantees and are pretty well heeled.

The larger creditors were holding off for reasons well understood, this may be a mistake -

Looks like the smaller creditors are breaking ranks and getting in first dibs.

So what you are saying they need are hired goons? Could be good work for the employed!

“These guys are the reason you lost your job and your house, we need you to extra 6.5 million from them, have fun”

So how is this going to work?

Great article. Exposes the NAMA plan for what it is.

What are the odds that Anglo are given a few quid extra of our money to lend to Paddy so that he can “restructure” his ACC debt and make those nasty Dutch chaps go away so that everyone can get back to denial?

ACC and NIB will get to the trough first , followed by BosI/IIB-KPC/Ulster-RBS/NIB-Danske and will leave relatively little for the Irish based creditors .

Note that ACC is also chasing Paddy Kelly for 2003 2004 and 2005 era debt , how far back do these non performing loans go with Anglo and the INBS I wonder ?? :frowning:

This was the Paddy kelly / ACC situation last week

irishtimes.com/newspaper/fin … 38757.html

also note they are back in court this week.

This is really worrying. All the gains in quality seem to be paper asset value increases. These guys seem to have operated on an interest only basis in perpetuity, with top-ups taken out for new projects. They are canny mcsavvy and his Manchester, Sunny Beach and Roscommon apartments writ large. And remember also that these older debts are probably not categorised as C&D loans on the banks loan books, they are probably classed as commercial…