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The Dumbest Corporate Failure Ever?

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Some Irish employees of Microsoft got together in 1999 and formed a company to buy and develop property in Ireland and Britain.

Wow. Now that was foresight. They must have found themselves in the best growth business, in the most dynamic market on the planet over the last six years.

So you'd think that by now they'd all be living it up, with a yacht, Aston Martin and catwalk model each. Okay, so perhaps the model is pushing it a bit - they are IT guys after all. ;)

Anyway, the Sunday Business Post today reports that the venture has collapsed with multi-million Euro Debts!!!???!!!

What?!! If they couldn't make money in Irish and British property since 1999 then there has to be something seriously wrong.

Does anyone know any more on this story? There has to be more to it.

Perhaps, being Microsoft employees, they thought that when you had a property in need of repair, all you had to do was "go out the front door and go back in again" and it would suddenly repair itself. :rolleyes:

EDIT: link attached


Edited by Flash

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Apparently they promised the buildings would be ready in 18 months time but they kept missing the dead-lines (7 years and counting). The few houses they completed were riddled with bugs, parasites and needed constant patching, some were very unstable and fell over.

They realised whole thing was a failure and everything just crashed.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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