Hanly Group - Laragan Developments Ltd Petition

Advertisement of Petition in today’s Irish Indepenent.
Hanly Group are building the Milners Square Development in Santry - see similar thread for info.

A link to the advertisement - loadza.com/notices/legal-809

Moderator - please leave this thread title as it is a differnt discussion topic to the thread that is about a discussion on the decrease in value of the Milner Square Apartments and Duplexes which are being built by the Hanly Group.

That is a subsidiary of the holding company. Note that it’s a creditor’s petition, who could just be pissed at slow payment, or in dispute. But if it affects the holding company, it is big news.

The petitioners are “Velfac” a window supplier, obviously they have not been paid some or all of what they believe they are owed.I’m not suggesting it’s the case here, but forcing companies into distress and ultimate failure is a " tool" used increasingly, to cut costs.Scum is too nice a word for these (main contractors) people.

Apologies for my lack of clarity here, many years ago a company I had an involvment with was a sub-contractor on the Tallaght Hospital project, because the main contractor secured the job by undertendering severely, 1 of the ways they sought to make the job pay was by not paying/underpaying subcontractors until they cracked from cashflow starvation, they then just had to deal with liquidators, ergo big savings, this is what Hanley/Laragan seem to be up to.

Hi Grace - What would the strategy of the contractor here be? Also how would they be able to cut costs by advertising a peitition against Laragan Developments? To me the only reason a company would be able to do something like this is if they have not been paid for work done. Would it be legal otherwise to peitition a company to be wound up?

On reading Graces comments I think that contractor mentioned would be someone in the position of the developer of the site and they would be cutting costs by forcing a sub-contractor e.g. someone like a glazier or electrician, out of business after said subbie had completed their contract but had not been paid. I don’t think Grace is insinuating this has been attempted in this case but it is a fairly normal and nasty strategy used by the more unscrupulous developers over the years both in Ireland and internationally.

I’d guess that grace meant it the other way around, Andycole. I remember something similar happening with >100K worth of paintings or some such for a development. The developer just didn’t pay the supplier, and they had to petition to have his company wound up to get paid.

This may be something similar. Or it may be a mere mis-understanding. Cough. Cough.

Scumbags got away with a lot of this, or settled on a fraction of the contract , as subbies moved on to another job in the boom times. Now there are no other jobs the subbies are not taking it any more and are going legal .for the full amount .

Hanly group have a number of ‘luxury’ hotel and ghost estate developments in the North Shannon area .

They were just a quarry or two only a few years back, but they ‘diversified’

eg

hanlygroup.com/kilronan_castle_estate

loughrynn.ie/

and not forgetting

loughrynn.ie/nick-faldo-golf

Todays Sunday Times business section has it that Laragan are now in Examinership .

Front page of the business section .

Not yet on the web but on the ST website from 2 weeks back

timesonline.co.uk/tol/news/w … 908617.ece

Ouch… I’d have bitten their hand off. Better to lose €15,000 than lose €215,000 (conservative)

I’m hearing rumours that Kilronan might be in trouble directly or indirectly. Anybody hear similiar? Fiend has a wedding booked there.

JA1

In the UK Balfour Beatty,massive company, are known as “the subbie breakers”…delaying payment for so long in the hope the subcontractor goes bust!!

Hi, I’ve been following this guy for a while now and wish I’d looked on here earlier as it seems he’s got a bit of a rep. Say (hypothetically of course) I was trying to get him to pay up over some work and I wanted to get in touch with some others who were in a similar boat, how might one do that? Would there be much point?

Cheers
handyman

Wouldn’t be any harm in grouping together anyway handyman, not sure how you’d go about it though. Velfac is mentioned in the thread, that might be a place to start. Maybe go to some of the Hanly sites, if any are still open, and approach any other subbies that are there to see if they’re having any issues with payment?

Someone else might advise, but is it possible to get details of petitioners from the courts, to see if there are any others besides Velfac?

One of Laragans main creditors would be Coneely Construction, head office Clonliffe Road, Dublin 9. He would be owed minimum 10 tmes what Velfac are.(not an exaggeration). Good Luck.

Looks like it might be back on the table…if the examinership proceeds

laragan proposals SBP

irishtimes.com/newspaper/frontpage/2009/0624/1224249417030.html?via=mr

Purchasers are now being offered 1% of their deposits back. They will likely be forced to accept this by other creditors.

It seems grossly unfair that deposits are released on foot of the Homebond guarantee but the completion period extends beyond the guarantee.

These people have a contract with Homebond. I am assuming homebond was set up by CIF as it has the same address.

I suggest that it would be well worth their while to take a class action (Irish style) on the basis that the clause limiting their right to recover their deposit is unfair and should be stricken from the Homebond contract. The share of the costs should be small if all band together.

Demand specific performace of the Homebond Contract !

This is an illustration of why the best advice for anyone who put down a deposit on any place not completed is to prevaricate forestall whinge moan and generally do everythingin your power to avoid buying including flat out hiding.

Hopefully your developer will go bust.

and you will only lose your deposit.

Why was the law that allows the developer to use the funds never changed to safeguard the purchaser? I mean lets be honest thats like giving a car salesman €20k without looking at the car or in the vernacular “feckin stoopid bud” and if you asked any of the people who lost deposits would they do that then the vast majority would probably say no and yet it was lawfully allowed in this instance. :open_mouth:

Just who is this country being run for bacause currently its not for the people.