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Developers In Trouble


Mr Mephisto
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Also you might see one of these for sale at auction soon.

The helicopters, Ferrari's and other toys as far as I know were seized back in Jan 2008 - now all sold. I'm surprised it took so long for the bank to fully move on them, especially since Jan 6th it seemed to be NI's best kept secret.

Edited by md23040
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“However, the Executive should not buy up residential development land or unsold properties for social housing as a means of bailing out private developers.”

Mr Davidson said he welcomed a recent assurance from Social Development Minister Margaret Ritchie that there were no plans to bailout private developers.

“She and her Executive colleagues should remain resolute in this approach.

“The Executive has a limited budget which is coming under increasing pressure and it must ensure that this money is put to best use,” he said.

Some wise words from RICS.

http://www.belfasttelegraph.co.uk/business...s-14009628.html

Edit. Link posted earlier on another thread but worth putting up again

Edited by wayoutwest
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The helicopters, Ferrari's and other toys as far as I know were seized back in Jan 2008 - now all sold. I'm surprised it took so long for the bank to fully move on them, especially since Jan 6th it seemed to be NI's best kept secret.

"Sources indicate Taggart’s debt pile could amount to as much as £150m.

A number of the construction company’s sites in the Republic have also been placed in receivership, although the directors will continue to develop schemes in Mullingar, Navan and Luxembourg."

Quote from the BT , are they using the old building trade favorite of using the wife's name to continue in business while disqualified directors ?

allegedly ;)

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http://www.herald.ie/opinion/columnists/da...rt-1505211.html

"I warned that hard landing would kill off builders like Taggart" - Dan White

As well as the direct impact that Taggarts failure will have on market confidence , i think the main impact will be on the other builders .

As the administrators sell Taggarts land bank we will see the real value of building land , this will leave the other builders open to margin calls as the banks demand greater collateral on loans. This could move very quickly as i believe the administrator has to move to sell assets asap if the business can't be sold as a going concern .

Does anyone have any experience of how administrators work ?

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Interesting article.

I wonder as to the fall-out of the collaspe of the construction business upon the local banking industry since 80%+ of non-personal lending was to that sector.

It's hard to say for the NI banks as they are part of much larger groups .

The crash in the ROI stock market has been largely made up of the banks and lead to the government backing for all deposits and bonds.

This shows the ISEQ index crash this year

http://uk.finance.yahoo.com/q/bc?s=^ISEQ&t=1y

as i stated in another post i would imagine that if ROI was not part of the eurozone there would have been a currency devaluation and big big problems to rival Iceland , S Korea , Pakistan etc .

very interesting times :blink:

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It's hard to say for the NI banks as they are part of much larger groups .

The crash in the ROI stock market has been largely made up of the banks and lead to the government backing for all deposits and bonds.

This shows the ISEQ index crash this year

http://uk.finance.yahoo.com/q/bc?s=^ISEQ&t=1y

as i stated in another post i would imagine that if ROI was not part of the eurozone there would have been a currency devaluation and big big problems to rival Iceland , S Korea , Pakistan etc .

very interesting times :blink:

The impending crash of the RoI economy will make the "Rise and Fall of the Celtic Tiger" the next Christmas "must-read"

I'm writing it already :P

"Chapter one - Would you like a free mortgage with your Big Mac meal, sir?"

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Interesting article.

I wonder as to the fall-out of the collaspe of the construction business upon the local banking industry since 80%+ of non-personal lending was to that sector.

Most bank wills push to clear bad debts now, the stock market is already pricing in bad debts them and the government will offer funding to support them. Much Better to write off the bad debts now rather than in the future.

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My mum heard in a hairdressers today in Taggarts home area the ladies discussing the Taggarts flamboyant wedding last summer saying they flew in celebs etc.The ferrari private jet had been supposed taken by the bank last January. They also suggested that the debtors may not get paid but the Taggarts themselves will still be ok for cash - enough put away!

Funny, I met one of the Taggart men some months ago, sun tan, swept over hair and lots of gold jewellery - very Malaga if you know what I mean. Does anyone know what the workforce thought of them? I know at one stage they employed 350 people. I suppose thathelped a lot of people and they did stay around for longer than Seagate in Limavady.

I feel sorry for the kids though, musn't be nice at home.

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As well as the direct impact that Taggarts failure will have on market confidence. As the administrators sell Taggarts land bank we will see the real value of building land , this will leave the other builders open to margin calls as the banks demand greater collateral on loans. This could move very quickly as i believe the administrator has to move to sell assets asap if the business can't be sold as a going concern.
Does anyone have any experience of how administrators work ?

Me me me. The lands will be packaged as SIV’s and parked away “off balance sheet”

New rules have been introduced to help the banks and the headache for their auditors - mass conspiracy from many different interest groups continues - Fair value accounting rules eased By Jennifer Hughes in London's FT

It is sickening that the rules for accountants are being changed on the quiet

European banks will be able to more easily shield assets from the scrutiny of marking to market prices under emergency changes agreed by international accounting rulemakers.The changes by the International Accounting Standards Board followed intense lobbying by some European banks and a growing degree of political pressure. European companies had complained that US rules were allowing their rivals options that they did not have and the changes are designed to bring international standards into line with their US counterparts.
Does anyone know what the workforce thought of them? I know at one stage they employed 350 people.

Tight enough wage payers compared to the market norm. The directors were inordinately paid.

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My mum heard in a hairdressers today in Taggarts home area the ladies discussing the Taggarts flamboyant wedding last summer saying they flew in celebs etc.The ferrari private jet had been supposed taken by the bank last January. They also suggested that the debtors may not get paid but the Taggarts themselves will still be ok for cash - enough put away!

Funny, I met one of the Taggart men some months ago, sun tan, swept over hair and lots of gold jewellery - very Malaga if you know what I mean. Does anyone know what the workforce thought of them? I know at one stage they employed 350 people. I suppose thathelped a lot of people and they did stay around for longer than Seagate in Limavady.

I feel sorry for the kids though, musn't be nice at home.

my friend works high up for a building company and basically they used to laugh at Taggart for being complete over extravigant blows. also everyone in the business knew they had overpaid massively for land. it will be interesting to see what happensto other builders in the coming weeks...........

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[quote

My mum heard in a hairdressers today in Taggarts home area the ladies discussing the Taggarts flamboyant wedding last summer saying they flew in celebs etc.The ferrari private jet had been supposed taken by the bank last January. They also suggested that the debtors may not get paid but the Taggarts themselves will still be ok for cash - enough put away!

Funny, I met one of the Taggart men some months ago, sun tan, swept over hair and lots of gold jewellery - very Malaga if you know what I mean. Does anyone know what the workforce thought of them? I know at one stage they employed 350 people. I suppose thathelped a lot of people and they did stay around for longer than Seagate in Limavady.

I feel sorry for the kids though, musn't be nice at home.

I am related to an ex employee of Taggarts and he says (allegedly) that they were very pompous and arrogant with the employees and were downright ignorant with subbies and he is glad that the tide has turned and the once mighy have fallen (allegedly).

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welcome to the forums :D

ye reap what ye sow....unlucky Taggarts :P

don't cry too hard for the Taggart boys , i'm sure they have enough salted away to keep them in luxury.

i feel sorry for all the ageing pop stars who are going to be missing out on the big gigs in Derry ;)

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don't cry too hard for the Taggart boys , i'm sure they have enough salted away to keep them in luxury.

According to the show last night some of their acquisitions were part funded by £34 million of private investors money. Think about the recent history of Northern Ireland. Then consider that 2 blind brothers can get assaulted here for just 14 quid :ph34r:

Edited by Belfast Boy
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