Irish Moral Hazard Organisation (IMHO)


#421

How tough will Ireland be when it comes to asset hiding compared to other jurisdictions?
I presume there will be rules but not enough staff and resources to implement them.


#422

Che Hall

One-year bankruptcy now in effect following order to lower term
independent.ie/business/pers … 06974.html


#423

I presume credit will cost more.


#424

Can someone please clarify my presumption.

I presume you go down the bankruptcy route due to mortgage debt that you loose the house immediately?


#425

So you go bankrupt and get to keep the house. What did I miss?


#426

It looks to me that David Hall might have just triggered a massive wave of repossessions?


#427

This is confusing, perhaps because the terminology of mortgage defaulters being allowed to keep de family home is yet to be finalised.

The Indo likes “reinvesting”:

independent.ie/business/pers … 06974.html

Whereas the IT refers to “reverting”: (though conceivably a typo!)

irishtimes.com/business/fina … -1.2515181

The crazy thing is it could equally be an attempt to dress up either a politically acceptable form of wholesale repossession or wholesale debt forgiveness.


#428

Of course there is. The creditor gets their money back once it’s sold.

EDIT: Obviously not all of it, but they get back the sales price.


#429

Oops, i didn’t read between the lines
:-GC


#430

I have been thinking the exact same thing.

The only way this works is if people actually follow through and go down the bankruptcy route.


#431

I must have only skimmed the paper at the time in the run up to Christmas, and didn’t spot this story until I grabbed the paper from the waste pile to use for composting, but David Hall got a mention in the December 20th edition of the SBP.

It relates to the Bumbleance charity drive which he was very vocal in supporting last year. Apparently the charity behind it, Saoirse Foundation is being investigated by the charity regulator and a complaint has been made to the Gardai. A number of directors resigned last summer. The story doesn’t make clear whether Hall was one of those but does note later in the story that he is a former director and that he confirmed he had been interviewed by Gardai and gave them CCTV footage for the day when an alleged theft of equipment from the ambulance took place.

This story from the Examiner, seems to suggest that Hall was one of the directors who resigned and that they called in the Gardai.
irishexaminer.com/ireland/ch … 32659.html


#432

So Halls’ ‘Tsunami’ of repossessions that he repeatedly spoke about, of over 100k properties…well he’s quietly revised that down to 48,000. Of course no one in the media will even pull him on the latest figures and he’ll continue to be treated as an Oracle on the matter

rte.ie/news/2016/0510/787417 … e-arrears/


#433

At this stage why are there still so many buy to lets still dwindling in the system. I can understand the whole family home reluctance but buy to lets should be black and white.


#434

Yea and I wonder are many of these housing rent allowance recipients… but surely you understand the colour and tone of the madness before you at this point?


#435

Hearsay at this stage but, according to Newstalk this morning the claimed but so far unpaid Lotto win of € 8.2 m was by a well known property developer in Sligo. The reason it is so far unpaid? You’ll love this…

He(pretty sure they said he) wants it paid in cash due to to owing NAMA/banks a shed load.


#436

Flying without wings?


#437

:laughing:

Wouldn’t that be something else.


#438

Perhaps it’s just me, but does anyone else find it annoying that large lottery wins are tax free?


#439

I thought they aren’t? Doesn’t the lottery pay the relevant tax, so the lottery win you get is so to say “net” after tax?


#440

Don’t think so.

If it was taxed, it would make sense for them to advertise the pre-tax amount, it’s no skin off their nose what the revenue do after you’ve received your novelty oversize cheque.