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ABC 123

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  1. Provision within the standard Law Society sale contract allows for payment to take place by cheque or electronic transfer.We have instructed our solicitor to amend the contract to allow for payment by electronic transfer only.They are also instructed to receive confirmation from the purchases solicitor that this is acceptable from the outset.This removes the excuses later that the mortgage provider can only make payment by cheque and therefore we have to accept a cheque or delay completion. We also suggest that our solicitor requests to be placed in funds the day prior to the date of comp
  2. Jump to navigation Search Main menu Home Topics Publications Consultations Contact Belfast and Dunblane directors agree to disqualification Date published: 25 May 2016 Topics: Insolvency Service Disqualification Of Directors The Department for the Economy, formerly the Department of Enterprise, Trade and Investment, has accepted disqualification undertakings from the directors of a number of entertainment companies. Undertakings were received for six years from Peter Gerard Curistan (60) of Hampton Park, Belfast in respect of his c
  3. So what was all the court action about and what did it achieve ? I assume if he has consensually let the companies go into administration as he has not been able to refinance his portfolio with another institution and that BoSI didn't want him to sell the properties for them, Was the deal for settling the court action the ripping up of his personal guarantees ?
  4. Oh dear a little bit of egg on the face for Osborne King at yesterdays auction John Martin prior to the commencing the sale and keen to capture all bids announced that even if you weren't registered you could still bid. The ravel dropped on lot 8,6 Castle Street, Lisburn at 42k the gentleman bidder on the front corner seat then made his way to the awaiting solicitor. Around lot 20 the auctioneer announced that there was a problem with the bidder on lot 8 and would the underbidder or another with an interest make themselves known. I note on the auction results it is listed as sold at 42k!!!
  5. Brackhill doesnt look like an SPV. Looks like the digger and shovel man has been chastised solely. What about the developer who has overall responsibility for Health and Safety?.Was there a CDM coordinator?. On any site I have been on they are over the site before the architect. The council have spent the money on a court order.Nama with the benefit of first charge on the property are going to receive all the value from the site including the increased value now that the site has been cleaned up. Why have the Council not placed a winding up order upon the company for the debt.With that act
  6. Is there not an Ulster Bank guy on the board?
  7. Valid points. There is no transparency for the developers creditors. Patton's are the perfect example with creditors getting zero while 17m was owed to them.What the BBC failed to report is the banks role.The banks losses on the property portfolio is going to be a fraction of what it should be because they had security of the assets and cross company guarantees.In plain terms they took all that was available. A number of recent director disqualifications has come about because the banks saw cash in associated companies and informed the directors to have it transferred to the company in diffi
  8. If there is 9m in interest with a historic land value of 280m there is always going to be a short fall. Development land is down 90% in value. The bottom line is the developer doesn't have a choice in paying or not, the bank own not only the company assets but him as well.The good old personal guarantee acts as good title to the developers soul. All monies will be going to the bank with them allowing him pocket money.No better value to be had in working out a complicated property portfolio than the borrower work for a wage. Note all the big fish referred to today are still in place.
  9. If you scratch under the surface you may well find that the interest bill being charged to the profit and loss account but not actually being paid,just accrued. The banks taking the incoming cash as debt reduction reduction. You never know what is going on in the accountancy / banking world.
  10. Willie Its when the puritan estate agents quote you from the RICS red book with greater conviction than the bible that you really have to worry.
  11. BTW Shiells are selling on behalf of the fixed charge receiver, appointed by Ulster Bank 2 Ballynahinch Road,Hillsborough a detached bungalow which has been vacant for some time. This property was owned by Kendal Developments Ltd (NI31064) who's registered office was previously 11 Magheralave Road Lisburn BT28 3BE. Directors of the company are listed as Fred Dalzell and Alan Kirk ( Fred Dalzell&Partners,Estate Agent and Joseph Lockhart,Solicitors).The respective wives were listed as directors both having their directorships terminated on 23.01.12. December 09 accounts note 703k of as
  12. Attached is Mr Murphy and Mr Jennings first six month report on progress up to 20th December as joint administrators of Dunergan Developments Ltd (F P McCann connection) There has been a lot of work put in.Oh and a time sheet for 55k is also attached!!!. Has anyone seen any of the sites advertised for sale? Dunergan Developments Ltd Administrators Report.pdf Dunergan Developments Ltd Administrators Report.pdf
  13. Any news on how the hearing went yesterday?
  14. A bit of fireside understanding- its a lot more complicated than that.All assets are in the pot once your bankrupt Any transfer within two years of bankruptcy-proof of the genuine nature of the transfer rests with the bankrupt individual After two years the proof required to justify the reversibility of the transfer rests with the investigating trustee in bankruptcy
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