At Biffbangs request.
As a non lawyer, I found this article quite informative.
The interesting thing about this is that it appears that the beneficiaries of the family partnership have a big say in how the assets are managed. They appear to have to be involved in an annual meeting (minutes kept?). Therefore they would have to know and approve of mortgages being taken out on ‘their’ property.
It appears to me that a half decent lawyer working for the banks/NAMA could easily unpick this ‘family partnership’ defence. The question is, why would they? as all the smart lawyers in town probably have their assets preserved behind these vehicles. If one falls, they all fall.