The Mansfield saga

According to today’s News of the Screws mansfield junior is facing charges for driving while disqualifed. Stopped three weeks ago by the gardai. Could get jail time. Sorry, no link.

Mansfield drops his drink-driving appeal → … 30318.html
Andrew Phelan, Monday November 22 2010

Looks like Jimmy’s dad is too sick to turn up in court for his own reading test…

Former manager pursues Mansfields for costs → … 34727.html
Tim Healy, Thursday November 25 2010

Ill Mansfield ordered to testify in case over unpaid legal costs → … 61064.html
Tim Healy, Wednesday December 15 2010

Hi boyracer.

These are new charges. He was driving while disqualified as a result of the case that you linked to.

He would not have had a valid licence and could not have been insured.

He also doesnt care. He is a dick.

Mansfield family not liable for company’s debts, creditors told

Remind me to set up a company in the Isle of Man should the need arise. … 88666.html

I see Swift Concepts Ltd, of Saggart, owed €24M, are listed for strike-off by the Companies Office. Wonder who the directors are?

HSS Ltd, is an unlimited company. However, HSS is in turn owned by Park Associated, a limited company based in the Isle of Man. This means creditors have no right to demand repayment from the Mansfield family.” ( … 88666.html)

I wonder will more people exploit this legal loophole now?

I would have thought that it would be relatively easy to break this loophole. That unlimited liability companies do not extend beyond the state’s borders, no?

Why is his use of a company to protect his personal assets an issue? Yes, they placed a company in the Isle of Man and used unlimited here, but most directors/CEOs of businesses are not personally liable for the debts of a company (ignoring personal guarantees for loans). Whether he should pay the money if he can afford to out of a moral obligation is a different question, but I would almost consider it reckless to not set up a company to protect personal assets.

Or am I missing something?


No accounts had to be filed. We don’t know for how long the company has been bust. In the meantime, credit was still being advanced to Citywest by creditors (either in the form of services or goods).

The suspicion will be that the unlimited company was looted by the limited company outside the jurisdiction through unrealistic salaries and dividends paid to de family.

Very charitable

I have said it before and again. Enronesque.

I can hear it now

****Just got this leaked version of the statement…

Seems the whole family is educationally challenged!****

:smiley: What a classic WGU!

Here’s your first indication of how money was funneled back to the family at the expense of other creditors … 88666.html

This director’s loans thing is madness. When I worked in the UK, I had a ltd. co. Being young and not with it, I spent money hand over fist in the first year. My accountant put me straight in the first year accounts that the Inland Revenue would see that as salary and tax and penalise (for late payment) if I didn’t pay it back PDQ.

What on earth are the Revenue doing allowing every tom-dick-and-harry company (never mind the banks) to provide directors’ loans? Was there interest paid? Was that taxed as profit? Is it an offence to conceal a director’s loan?

See an example here for UK rules on directors’ loans:

Ah musha Mr Yoganmayhew ,would you ever give over with them oul comparisons outa dat :smiley:

The Mansfield Clan,and the other ancient Celtic merchants,didnt endure 700 years of Imperialist domination just so as you can lep up now and point a quivering finger in the direction of Her Majestys Inland Revenue or Customs or whatever…and anyway,suren hasnt oul Jimmy hisself already given Her Majestys lackies a black-eye over the Falkland Islands machinery…Erin go bra as they might say in Chelsea !!! 8-

Bullish Mansfield believes jewel of property empire ‘can be saved’ - RONALD QUINLAN → … 89466.html