PJ1977 Posted November 22, 2013 Share Posted November 22, 2013 Jim 'Fitzwilliam Hotel' Burgess in the bankruptcies today. But June isn't. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted November 22, 2013 Share Posted November 22, 2013 Yep, heard it a few weeks ago. Potentially difficult times ahead if your involved in the property management side of the local agency. it was the commercial valuations that caused the problems Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 22, 2013 Share Posted November 22, 2013 (edited) it was the commercial valuations that caused the problems I know. I wouldn't be comfortable if I was working in the property management side and one of the big boys was coming in with enough of their own staff to do the job. Particularly if a large part of the management portfolio was in England, Scotland and Wales. Edited November 22, 2013 by 2buyornot2buy Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted November 25, 2013 Share Posted November 25, 2013 Bid to sell Ready Mix Concrete property 'tainted' http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/bid-to-sell-ready-mix-concrete-property-tainted-29782881.html A sealed bid process to sell off the concreting property of two Belfast brothers said to be in £6 million debt to the former Anglo Irish Bank was tainted, a High Court judge has found. Mr Justice Deeny backed claims made by Donal and Ronan O'Kane over the method used in attempts to recover some of the money owed the Irish Bank Resolution Corporation (IBRC). Details emerged as he granted a temporary injunction restraining the sale of land and premises by the receivers. There is no suggestion of any fault on the part of IBRC. The judge noted that the best bid on the table was £650,000 - £60,000 more than an offer advanced by friends of the O'Kanes. Quote Link to comment Share on other sites More sharing options...
An Interested Observer Posted November 25, 2013 Share Posted November 25, 2013 Bid to sell Ready Mix Concrete property 'tainted' http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/bid-to-sell-ready-mix-concrete-property-tainted-29782881.html Allegations made by the O'Kanes included a suspicion that the ultimate highest bidder was advised by the selling agents not to go above £550,000 during the open bidding process because they would get it for that. According to the judge corroboration was provided by a "remarkable" solicitors' letter to the agents expressing concern at the situation. Interesting that PropertyNews lists the agent as BTW Shiells. I wonder if this is who the judge was referring to? http://www.propertynews.com/Property/Belfast/PNC577897/37A-Upper-Dunmurry-Lane/ Quote Link to comment Share on other sites More sharing options...
Bill Poster Posted November 26, 2013 Share Posted November 26, 2013 When power etc gets concentrated into the hands of the few cronyism sets in. The bad debt is handled by a few, there are relatively few insolvency practitioners and only a handful of agents carrying out their instructions. Very cosy. Quote Link to comment Share on other sites More sharing options...
CCJ Posted January 9, 2014 Share Posted January 9, 2014 Turkington Holdings post large loss in 2012 http://www.bbc.co.uk/news/uk-northern-ireland-25658734 Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted January 9, 2014 Share Posted January 9, 2014 Turkington Holdings post large loss in 2012 http://www.bbc.co.uk/news/uk-northern-ireland-25658734 The interesting question is how much UB are writing-off as part of the restructure. Quote Link to comment Share on other sites More sharing options...
martymcfly Posted January 10, 2014 Share Posted January 10, 2014 Mivan, one of Northern Ireland's best known construction companies, has been placed into administration. http://www.bbc.co.uk/news/uk-northern-ireland-25679047 Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted January 10, 2014 Share Posted January 10, 2014 Mivan, one of Northern Ireland's best known construction companies, has been placed into administration. http://www.bbc.co.uk/news/uk-northern-ireland-25679047 Has Ivan stopped pumping his own money into Mivan? Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted January 10, 2014 Share Posted January 10, 2014 I sense a prepack. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted January 10, 2014 Share Posted January 10, 2014 I sense a prepack. Nope Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted January 10, 2014 Share Posted January 10, 2014 I sense a prepack. Nope Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted January 10, 2014 Share Posted January 10, 2014 Nope Gone? Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted January 11, 2014 Share Posted January 11, 2014 Somewhat unremarked Ciaran Murdock lost another shopping centre late last year http://www.greenocktelegraph.co.uk/news/greenock/articles/2013/11/28/480342-oak-mall-goes-into-administration/ Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted January 11, 2014 Share Posted January 11, 2014 Gone? Bye-van? Quote Link to comment Share on other sites More sharing options...
CCJ Posted January 17, 2014 Share Posted January 17, 2014 A third of the workforce redundant http://www.bbc.co.uk/news/uk-northern-ireland-25776211 Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted January 27, 2014 Share Posted January 27, 2014 Not really a housing developer Building firm Mivan ceases trading BBC Link Mivan, one of Northern Ireland's best known construction companies, has ceased trading. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted January 27, 2014 Share Posted January 27, 2014 Not really a housing developer Building firm Mivan ceases trading BBC Link Mivan, one of Northern Ireland's best known construction companies, has ceased trading. Yeah, the staff have known for a while. Quote Link to comment Share on other sites More sharing options...
CCJ Posted February 14, 2014 Share Posted February 14, 2014 (edited) Receiver appointed to Bloomfield Shopping Centre http://www.belfasttelegraph.co.uk/business/news/bloomfield-receiver-appointed-to-bangor-shopping-complex-30005683.html Bow Street Mall next? Edited February 14, 2014 by CCJ Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 14, 2014 Share Posted February 14, 2014 Receiver appointed to Bloomfield Shopping Centre http://www.belfasttelegraph.co.uk/business/news/bloomfield-receiver-appointed-to-bangor-shopping-complex-30005683.html No PGs for Herbert. Our banker genius never ceases to amaze me. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted February 14, 2014 Share Posted February 14, 2014 No PGs for Herbert. Our banker genius never ceases to amaze me. PG's are a relative new thing and introduced to the NI market by Anglo who seemed happy to lend at 100% of the cost. Their mantra was 'a big fat fee and a grantee'. we have all seen how that model faired. Prior to that the investor put in say 20% equity and the bank the rest. I am not sure what equity Herbert and others put in here and what they have lost. If the banker thought the loan also needed security over and above that of the Limited Liability Company (the Anglo model) then he should not have lent the money. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 14, 2014 Share Posted February 14, 2014 (edited) PG's are a relative new thing and introduced to the NI market by Anglo who seemed happy to lend at 100% of the cost. Their mantra was 'a big fat fee and a grantee'. we have all seen how that model faired. Prior to that the investor put in say 20% equity and the bank the rest. I am not sure what equity Herbert and others put in here and what they have lost. If the banker thought the loan also needed security over and above that of the Limited Liability Company (the Anglo model) then he should not have lent the money. Sorry but PG are definitively not "a relative new thing". Collateral has been about since the very first loan. Edited February 14, 2014 by 2buyornot2buy Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted February 14, 2014 Share Posted February 14, 2014 (edited) Sorry but PG are definitively not "a relative new thing". Collateral has been about since the very first loan. Collateral yes, personal Grantees above and beyond the assets of the company, in my experience no. lol. Sorry Edit to correct my mistake Edited February 14, 2014 by BelfastVI Quote Link to comment Share on other sites More sharing options...
yadayada Posted February 14, 2014 Share Posted February 14, 2014 Collateral yes, personal Grantees above and beyond the assets of the company, in my experience yes. Yes. A negation of the whole idea of limited liability. Quote Link to comment Share on other sites More sharing options...
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