McNamara can't pay €62.5m judgement

rte.ie/business/2010/0111/ddda.html

“all the equity in his personal assets had been used to support his businesses and the 1,100 people employed directly or indirectly in them”

How could this be done in relation to chattels etc? A company can grant a debenture but I am not aware of an eqivalent provision for personal assets. A guarantee does not create a charge as far as I am aware. Is it possible to use all the equity in one’s personal assets to secure finance?

Don’t feel too sorry for him, he was still able to afford his round in Doheny & Nesbitts on Friday.

Dublin is too small isn’t it… :laughing:

Would it be safe to say that all the family silver is in his wifes and kids names??

tribune.ie/news/article/2009 … -not-sold/
McNamara changed his official registered address from his home on Ailesbury Road to an office building in Pembroke Street, in Dublin’s business district, but the businessman and his family continue to reside on Ailesbury Road.
He has lodged documents with the Companies Office to change his address as a company director to No 87-89 Pembroke Road, Dublin 4, the hq for many of McNamara’s companies.

No good to him if he did so to avoid a personal guarantee.

Perhaps to avoid unsecured creditors?

Unsatisfied unsecured creditor (or disgruntled investor) places a claim on the holding company?

good profile of McNamara here
soldiersofdestiny.org/aspeculatorsprofile.htm …written in 2006 by Neil Callanan …
(fair play to him, and who was it that said ALL irish journalists were crap… oh hang on noone said that, they said MOST. )

The legal mechanism in such a case is a chattel mortgage: see en.wikipedia.org/wiki/Chattel_mortgage
and: bankofireland.co.uk/business … -mortgage/

In the alternative he could have assigned his interest in his personal property to the bank, although that is less likely.

It’s not a very good sign when a major businessman has to give the bank a mortgage over his wide-screen TV…

NAMA is an exercise in giving these pricks time to hide their ill gotten gains

But will that work? Surely there’s laws to cover that, where someone tries to hide assets in the names of the wife/kids/overseas in order to escape their obligations? Isn’t that simply a form of fraud and the transfer of title can be overturned by the courts?

Obviously nothing will happen while FF are in power, but surely there’s legal scope for a new Government to hound these b’stards to the ends of the earth?

Did he ask you to feel sorry for him? [mod edit: watch the direction of your comments]

No, it’s not an exercise to allow “these pricks” to hide their assets. It’s supposed to bail out the banks - who should be let go to the wall. And for anyone who hasn’t transferred assets long ago - it’s too late now.

And No, you can’t “hound the b’stards” to the ends of the earth - no matter who is in power. Every country has it’s own insolvency laws.

If you’re going to post a comment - don’t talk shite.

Correct. They should be serving any documents on his companies’ registered offices unless it is personal. It doesn’t help him to avoid anything except having heavies, writ servers and sheriffs calling to his home and upsetting his family. Is he personally solvent? I doubt it. It seems highly unlikely.

It was directed at verbatim, [mod edit: in which case, I was right to moderate it]

To answer your question, no he did ask me to feel sorry, and I don’t. Now get back on topic.

To be honest, Sidewinder’s post made more sense.

You can’t transfer assets in order to hide them from your creditors - but neither can you hound someone who is insolvent to “the ends of the earth”.

Ultimately if these dudes were able to pay their debts, the banks would not need to be bailed out. So while you’re suggesting that the banks be let go to the wall, just remember who shoved them in that direction. In my view, developers who borrowed big and issued personal guarantees should be pursued for the money they were supposed to pay back.

…If the banks hadn’t lent the money, they would not need to be bailed out. The developers didn’t beg for it, nor did they “shove” the banks in that direction. Everyone is responsible for their own actions,… you, me, banks, developers, pedophile priests, politicians… all of us. Only the banks and the pedophile priests have been bailed out so far. The rest of us wait to see which comes first - death or bankruptcy… because wealth is “out the window”.

Let’s face it, the Department of Finance’s and the politicians’ solution to this recession equates to asking the populace to stand in a bucket and lift themselves up by the handle.