Nascent Irish debt write-off "industry"

I heard an advert this evening on the radio for Moneyvillage - “You’d be barking” not to get a debt write off apparently.

So I looked up the accounts for Money village Limited (co. number 431416)
Last statutory accounts at 31 May 2011 signed on 27 January 2012
Directors Alan Farrelly and Eugene McDarby

The auditors report says

Then the stats themselves

Actually, couple of other interesting things in the accounts, from the industry perspective

but

This is quite interesting because there’s a Revenue appeal outstanding and yet the PAYE liability is small?

Could it be a VAT appeal?
Is this a vatable service?

Financial services aren’t vatable but professional services are. And their customers are likely to be unable to reclaim VAT. So that would mean a 23% difference in the price if they had to charge VAT.

Liability small but doesn’t nesessarily mean that appeal does not concern it - possible additional liability not recognised at year end. Also could be CT, DWT…

I would have thought it unlikely in a loss making company.

Possible but unlikely that they’ve paid it already but are looking for some back.

I think its time to keep an eye on the debt write off industry given the new Insolvency service and new Insolvency law (and Shatter’s comments) below

merrionstreet.ie/index.php/2 … ireachtas/

PIA is an acronym we will become accustomed to. Keep the house and the BTL’s and write off the Negative Equity.

Other recent discussion

independent.ie/business/iris … 32829.html

independent.ie/national-news … 43467.html