irishtimes.com/newspaper/bre … king44.htm
“Property developer Paddy Kelly failed to turn up at the Commercial Court today and was **not represented **when Bank of Ireland secured judgment against him requiring repayment of loans of €3.4 million.”
a fawning article about him at the twilight of the boom.
developer.ie/?p=5
I wonder what happened in the meantime?
ewd3
April 27, 2009, 2:46pm
4
Paddy Kelly is the chairman of Redquartz, and has over 40 years in property development. Property is a family affair, his father reportedly telling young Paddy, “You’d never go hungry if you owned a few acres”
pady’s problem is that he owns 0 acres
it’s the bank owns it all
Pady was one of bertie’s mates
n’est pas?
ewd3:
Paddy Kelly is the chairman of Redquartz, and has over 40 years in property development. Property is a family affair, his father reportedly telling young Paddy, “You’d never go hungry if you owned a few acres
”
pady’s problem is that he owns 0 acres
it’s the bank owns it all
Pady was one of bertie’s mates
n’est pas?
He’ll be going hungry now
It seems like capitulation to me as he didn’t even bother to have representation at court…
ewd3
April 27, 2009, 2:59pm
7
Maybe he’s back in hawaii havin another rest
from march 22
independent.ie/opinion/analysis/titan-of-celtic-tiger-not-immune-to–the-economic-gloom-1681924.html
By Maeve Sheehan
Sunday March 22 2009
IRISH millionaires love their winter breaks and Paddy Kelly is no exception. Last week, the affable developer returned from a six-week sojourn in Hawaii with his wife Maureen. But one suspects Paddy Kelly was in search of more than a traditional blast of winter heat. It emerged last week that the Laois-born developer was in need of serious rest and recreation before coming home to face the music.
The white-haired property developer became the first of Ireland’s titan builders to admit that he was staring bankruptcy in the face. Mr Kelly is in deep financial trouble. For the past few months, he has watched his estimated €1bn fortune being whittled away to nothing by eroding property values.
Its capitualtion alright. He knows the game is up. However you can rest assured that his Zanu FF buddies will look after him. They just need this NAMA gig to come good.
Question - If a developer gives a personal guarantee and goes bankrupt, typically how much can he/she expect to get away with? (Funny I can’t recall any female developer…anyone?)
Do they have stuff salted away and if so how far away form the durisdiction would they have to have it to avoid banks, VAT man, Tax Man, angry subcontractors?
alan75
April 27, 2009, 3:30pm
10
More worryingly than this sham going bankrupt, what implications will there be for the numerous suppliers and small businesses he no doubt owes a fat wedge to?
any thoughts on why he would ignore BOI on Monday yet turn up for another trial yesterday?
Because the Kelly in court on this occasion was Chris not Paddy.
If you know the bank are going to win what can a solicitor do for you? bar a stay of exectution for a couple of weeks/months?
A legal action against one of property developer Paddy Kelly ’s companies over rent arrears for a €10 million property at Smithfield in Dublin has been settled. Chris Kelly , a director of Redquartz Smithfield, told Mr Justice Peter Kelly at the Commercial Court yesterday the rent arrears of some €123,000 had been paid as had rent up to July next.
We really need a gene-pool infusion in this country.
-Rd
You may need a sick bag before reading this
Developer says Bank of Ireland ‘begged for business’ Indo
"
What I think is this. The sadness is that our lovely country is being destroyed. And we all have a responsibility for it. We over-expanded; fully accepted. But a lot of people gained from it, people selling land, the Revenue in particular, the Government got a huge boost in revenue from people buying homes. If you buy a home for €500,000, you pay tax of 44 per cent from what I understand, so you’re a hero. That home has now dropped in value to say €300,000, but the Government still has the 44 per cent."
Referring to his strained relationship with the banks, he says: "What I find very strange myself is in particular with the banks. Bank of Ireland begged us for business. And we gave them business. And I said at the time to them:
‘When things go wrong, you won’t be able to manage it.’ But they still pushed and pushed. The man I dealt with said: ‘All I’m interested in is your home and your personal guarantee.’"
Commenting on the judgment granted to Bank of Ireland against him last week, he adds: "They came at us. Bank of Ireland Private said they wanted to reduce the loan on the office by 25 per cent from €3.2m. They begged to get the loan. They put a new chap on to the account and said: ‘We will force Anglo Irish to pay your loan because they’re your main bankers.’ They did everything they could to get business away from Anglo Irish earlier. The same applied with Allied Irish Bank.
“And the sad thing for me is that Anglo Irish has been blamed for so much. Seanie FitzPatrick, David Drumm, they’re the best in town. They made mistakes, of course. But there’s been too much blame passed on to them.”
independent.ie/opinion/analy … 27256.html
xman
May 3, 2009, 11:32am
19
I filled two.
Listen Paddy, you amadan, it’s not about confidence or negativity, it is and always was about greed.
It’s about selling young people into a lifetime of debt to “house” them in horrible tiny badly built overpriced shite, so people like you can live in Shewsbury Road, fly around in helicopters and have fawning painted whore journalists call you “affable” when you throw them a soundbite at your golf course in Florida.
Well fuck you Paddy. Fuck you and your property bubble and your shoeboxes.
I hope you end up in a one bedroom in Adamstown with forty years to pay it off Paddy, and then we’ll see how confident and positive you are ten years into it.
2Pack
May 3, 2009, 12:13pm
20
Todays Trib ( not online till later but WHAT a Bearfest
Paddy owes us all €700m , WE own Anglo nowadays do we not ???
Anglo took this project off Paddy while BoI were taking his HQ off him
archives.tcm.ie/businesspost/200 … y11647.asp
Redquartz Development, the Irish property investment firm owned by the well known Kelly family, is selling 85 one, two and three-bedroom apartments in Pragelato in conjunction with its partner firm RecreAction. The developers are also financing a new €10 million cable car service which will allow ski in/ski out access to the Milky Way, which comprises 400 kilometres of slopes spread across five Piedmont resorts. The apartments, which are scheduled for completion next month, are decorated in a traditional Italian style. The one-bedroom apartments sleep up to four people, with the two-bedroom apartments sleeping up to six. The accommodation includes a kitchen, living room and two bathrooms. One car space is allocated to each apartment.
Prices start from €370,000, for a one-bedroom duplex measuring 46 square metres while the two-bedroom duplexes providing 63 square metres of accommodation start from €570,000.
The three-bedroom apartments with 129 square metres of living space start from €900,000.
Evidently they did not sell them, do we now own a fucking ski lift in the Alps as well as that hole in the ground in Chicago can anyone tell me
the biz section is ) reports that