I do not wish to alarm anyone here, but I have heard a rumour that a major developer in Ireland has gone to the wall. I am looking for confirmation of this or is this just a rumour?
I believe the developer is Dublin based, is one of the big players and is either bankrupt or about to be declared so. I assume Bank’s have a major exposure to this company so it may be in their best interests to keep this under wraps.
You’d be surprised, the builders and developers own feedback mechanisms are echoing what contributors to the 'pin have been saying for a while, and the projections from their marketing teams and accountants are no longer squaring with what they are experiencing at the coalface and in their bank balances. Some of these guys are surrounded by yes men and the 'pin is one of a few alternative sources of information for them and others in the property selling and buying industry.
But, not to get to far ahead of ourselves most don’t know or care that we exist and are moving on to their next project and that’s as it should be.
Yes, but it take a lot of time and effort to find it out - if you didn’t have sites like this collating this sort of information for the Irish market and making comparisons with other international markets, you would be hard pressed to find all the information out on your tod.
I heard about this back in late December / early January.
Of course this throws up the question, at what point are you bankrupt ?
When you can no longer afford your repayments, or when the bank forces you into bankruptcy because you can no longer afford your repayments ?
As long as nobody pushes you to pay you need never go out of business
The longer it goes on the more people it affects though. I wonder will this mystery developer take many of his smaller creditors with him. Also who will pay how much for his housing stock (which he presumably has a lot of, otherwise why would he be going out of business)
I heard a rumor today from legal profession direction that a lot of the Plish for example who are returning or have returned are or have embarked on legal cases of their own against Irish builders who underpaid them for many years to date.
I wonder will the companies be round for the court summons if it gets to that
Well its only a rumor but you may have heard it here first!