Perhaps the fund who now own the loan figured that the alternative was that they wouldn’t have been able to get possession of the house until the youngest child turned 18 as it seems to be difficult to get a mother with children out of a house in this country if they don’t want to vacate voluntarily. I assume that the fund bought the loan at a substantial discount and are possibly doing ok out of the deal even with those terms.
The funds coming in don’t give a toss. But the taxpayer funded this lifestyle and took the hit. Or will be taking the hit for decades to be more precise.
The Banks who did the original lending became mere conduits and back seat passengers once the taxpayer funds were sunk in. An all pervasive media campaign was then launched to pin it all on ‘de banks’.
Yet presumably the likes of David Hall, Ben Gilroy and the 'strokes’town brigade, along with the laughable Irish yellow vests are perfectly swell with these arrangements. That is what passes for an ‘alternative’.
It does slowly have to drip into more mainstream consciousness why Mortgages cost so much and are so hard to get in Ireland. Economics for slow learners.
Aye Pascal, Overhaul of the courts systems to get properly tough on defaulters, in accordance with the intentions of the law, and international norms around days past due. Clear them out, and get the properties they occupy on to the market to help clear backlog of demand. That’d work. Your welcome
Here is a right Canny McSavvy down in D4. He borrowed €25m and is somehow ‘surprised’ that his house (worth maybe €2m) is on the line for that. He even held off the receivers for 5 years already.
They have argued that Aberdeen Lodge on Park Avenue, Dublin 4 cannot be seized over a €20m debt from a loan during the boom for a failed hotel project. The family have offered to pay €1.25m in debt secured on the property but they said that Goldman Sachs have refused to deal with them to remedy the situation.
This morning a man and woman arrived at the property to carry out a repossession order on behalf of receiver Paul McCann, of Grant Thornton.
Mr McCann was appointed as a receiver by Kenmare Property Finance, an Irish-based subsidiary of Goldman Sachs.
However, the family this morning refused to leave their home, with Mr Halpin saying the ongoing fight for their home and business as nearly put him in the grave.
What bit of ‘guarantee’ or ‘undertaking’ does this idiot not understand???
They lost in the High Court on legal grounds - the B&B is not protected as a principal private residence but it requires a close reading of the Act.
Now they are “appealing to the Irish public” i.e. contradicting Mr. Justice Denis McDonald regarding his interpretation of the law.
The 25 Million went on a “boutique hotel” which just vanished off the face of the earth
Not read links yet, but on this point alone as it’s interesting, it is not unusual for a B&B to be operated out of a PPR.
Reading the article in the Independent above the couple say they have offered to pay €1.25 million against the debt. From what? The proceeds of the property if they sell it?
They’ve already managed to squander €25 million.
These people appear to be deluded beyond belief - have they been on Marian Finucane yet? Would love to hear the texts that will inevitably come pouring in.
When asked why the public should have sympathy for them with the huge figures involved, Mr Halpin (68) stated the €25m borrowed to finance a failed “boutique” hotel was an “unsecured” company loan and should not have been held against their home.
Plenty of history online about Halpin’s various dealings over the years: He was not beyond going after individuals privately - perhaps even in their own homes.
Dublin hotelier Patrick Halpin’s bid to privately prosecute two employees of the Irish Bank Resolution Corporation for alleged deception was motivated by a desire to put them in the dock of a criminal court, the Supreme Court has decided.
“Mr Halpin was not motivated by a genuine desire to invoke the now very limited role of a private individual in the prosecution of criminal offences,” Mr Justice Frank Clarke stated in a reserved judgment.
“He was motivated by a desire to secure, by whatever means possible, the attendance of Ms (Mary) Kelly and Mr (Declan) Buckley as accused persons before a criminal court.”
Links working fine for me. Ultimately, the Judge did not rely on the PPR issue - he concluded that:
even on the assumption that Aberdeen Lodge is the principal private residence of Mr Halpin, there is no debt of Mr Halpin secured over that property and it would appear to follow that s. 115A cannot be availed of” i.e. he couldn’t seek court approval of the Personal Insolvency Arrangement (PIA) if it is rejected by his creditors.
Halpin’s problem is that a company called Elektron Holdings which owes debt to the IBRC gave security over Aberdeen Lodge to IBRC. The IBRC sold the loan on to Kenmare (Goldman) which is opposing the Personal Insolvency Arrangement. Halpin’s partner (wife?) is a director of Elektron.
They had four hotels during the boom:
Private hotels, public debts
People power worked against Halpin in the past when he tried to extend one hotel. In 1999, the IT could get excited when a property appreciated from 1.2 to 1.5 Million - how quaint, and a long way from 25 Million .