Kelly property investment company wound up by court

To summarise, Boundary Services which is part of Boundary Capital, in which Niall McFadden has a 45% stake (and was until recently chairman) has petitioned for the wind up of RQB, a vehicle which was set up by Paddy Kelly and Niall McFadden.

Mr McFadden was until recently a director of Arnotts as well as Boundary.

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There has also been talk of Mr McFadden moving to London to avail of more user friendly bankruptcy laws

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off the main topic - I was told yesterday that another developer was declared bankrupt in the UK on Friday. Can’t find anything online.

From yesterday’s Daily Mail

Damn those banks.
Its like they take those personal guarantees … ehh … personally !

Calling on the personal guarantees of bankrupt developers is like bulling a dead cow! An impotent exercise. The main problem in Ireland is that the politicians, media, and banks are playing to the mob and are personalising the problem by making personal attacks instead of dealing with the issues. They go after David Drumm for €8 million when he has made settlement proposals to them which would repay his loans, just so they can show that they are doing something when they should be dealing with the €30 billion hole in their lending. It’s like the fucking Roman Circus - just keep the populous happy while the Brians fiddle!

I wouldn’t say it’s entirely useless.

This whole debacle wouldn’t have occurred if the people doing the borrowing KNEW with absolute certainly, that if they didn’t pay back the money, they’d loose everything they owned & would be unable to every be a directory of a company again.

Why do loansharks always get their money ?

Is it because their customers feel sorry for them, or the have attractive repayment schedules ?

No it fuppin isn’t; it’s because their customers know if they don’t pay the money back, they’ll get their legs broken !

Consequences, that’s what’s missing :nin

Do you honestly think that most people care whether or not they can be a director of a company in this piss-pot of an island. Who would really give a shit! It’s a carbuncle on the arse of Europe. Anyone with any ambition and guts will leave in the next couple of years as they always have for generations - we’re just back to normal.

Now, breaking legs… that’s a different option. But first you start with the politicians and the bankers. Think about it - political leaders who pandered to the Unions to the extent that costs were pushed up to the level where ALL our manufacturing and most of our service industries decided that we were just about the most expensive place on earth and they should piss off to China, India or Eastern Europe ASAP. And what wanker would give millions in bonuses to bank staff for making loans… not when they were successful a couple of years down the road, but when they were contracted? Our bankers did! …“No, no, don’t take €500 million, we’ll lend you €600 million to make sure that you have enough…” Then they collect their 1 or 2% when they issue the cheque. That’s the culture that robbed our kid’s futures. Any developer who refused an offer like that was a fucking eejit!

The surplus is all nicely salted away in the wife’s name in the Caymans now though, far from the new short planks in NAMA, while they move to a nice apartment in Mayfair to await their “quickie” bankruptcy, or listen to the cow bells while enjoying the benefits of Swiss residency . Consequences, my arse!

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I already flagged this a couple of days ago on a different string:

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Some undertaking.

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They bought it for €25 million without planning!

They subsequently got planning.

It’s now being sold with planning for €15 million

Fucking business titans!

In comparison to that midlands €30m to €600k site this was almost shrewd.

Unlike the outer fringes of the Athlone urbanisation I feel I can safely say that Castleknock is different.

Right, so if Sean “Capital p” Fitzpatrick and Davey Drumm piss off to Marrakesh with Johnny Ronan they’ll all become business titans over there as well? They need this corrupt little piss-pot of an island more than we need them.

Any developer who refused an offer like that is probably fucking solvent.

Irish-owned golf resort [Sawgrass] may be sold off
irishtimes.com/newspaper/fin … 52207.html

independent.ie/business/iris … 30784.html

examiner.ie/business/relief-for- … 23127.html

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While he dodged a bullet over Sawgrass Mc Fadden could no longer duck and dive once NIB went after a 2005 era personal guarantee tied up with Red Quartz

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At least he did not try what I call the “Limerick Solicitor” defence namely that he did not consider that a guarantee was a guarantee.

That is not their defense. It is that Anglo gave certain assurances when asking for the guarantees to be signed. They gave those assurances to more than the Limerick solicitors. No value was placed on the PGs at Credit Committee because of the assurances and because the bank realised that they were worthless. This is a fact.

I said what “I CALL” the “Limerick Solicitors” defence. The Galway Solicitors defence would be that they could not possibly have signed a guarantee because they were in the pub at the time …and that they could prove that :smiley: The Kerry Solicitors defence would be that they were conned by a Cork Solicitor all along and refer there please lads thanks.

&c.

Lets get back to Paddy and his associates shall we ?? :smiley: