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Developers In Trouble


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dont think this has been mentioned

http://www.belfasttelegraph.co.uk/business/business-news/lough-erne-on-course-to-sell-for-knockdown-10m-16212931.html

"

The five-star Lough Erne Hotel and Golf Resort which went into administration last year is now on sale for £10m, around one third of the price it cost to build.

Dubai-based hotel group Jumeirah, sponsor of Lough Erne Resort's former touring professional, golfer Rory McIlory, has been suggested as a possible interested party.

The 120-bedroomed hotel has two championship golf courses, including one designed by golf star Sir Nick Faldo.

The resort cost a reported £35m to build between 2005 and 2009, including the golf courses and 25 golf lodges.

There are also 25 unfinished holiday homes with planning permission to build 18 more.

Commercial property agents CBRE said they had been instructed to sell the resort as a going concern by the administrators of the resort's founding company Castle Hume Leisure, which was headed up by Jim Treacy.

They said the venue would appeal to a "broad section" of the market - international groups, golf tourism promoters, hoteliers and entrepreneurial investors.

Brian Lavery, head of CBRE's Belfast office, said: "There is an extensive list of interested parties and we will now be returning to them with full details."

He said Lough Erne was the "most exciting and most high-profile" hotel to come onto the market in Northern Ireland.

The administrators have had to resolve a web of issues over title to the golf course, which have drawn in owners of adjoining land.

It's understood there were also discussions with the Rivers Agency, as some tees extend onto the lough.

Michael Williamson, hotels consultant at accountants ASM, said it was difficult to say if £10m represented a good price: "It depends on the cash generation potential of the resort.

"In some sense there is little point comparing costs on four-to-five years ago as the market has changed so much.

"It will represent good value if a buyer can generate a level of profit that justifies the price."

Chartered accountant Ken Kinsella, who works for private equity firm Gaia Equity in London and lives in Co Fermanagh, said: "I would like to see it stabilised because Jim Treacy had done so much work and had put an incredible team in place."

Bank of Scotland (Ireland) appointed KPMG as administrators to Castle Hume Leisure in May last year over debts of £26.4m.

In the meantime, it has been run by operators TifCo.

Former owner Jim Treacy acquired Castle Hume Golf Course in 1999 and started work on the resort in 2005. The hotel opened in 2007 and the rest of the resort opened in late 2009.

It also has conference and banqueting rooms for 400 people, five bar rooms or restaurants and a Thai Spa.

"

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  • 1 month later...

Developer stays bankrupt over property concerns

http://www.bbc.co.uk/news/world-europe-20105010

A developer and his wife face legal action to stop them ending their period of bankruptcy over concerns not all has been revealed about properties abroad.

The details emerged in a High Court application when the Official Receiver was given time to present more evidence against Sean and Mary McWilliams.

They were declared bankrupt in 2011 on a petition from Allied Irish Bank.

The court heard that the bankruptcy trustee was concerned that they had failed to co-operate in full.

Mr and Mrs McWilliams, from County Londonderry, owned a number of property companies registered in Swatragh and Dublin and had their biggest projects in County Donegal.

The court heard that they were also engaged, "at a very substantial level", in dealing in property in France (including Cap Ferrat) and the United States "and perhaps elsewhere".

Insolvency legislation normally allows people to be released from bankruptcy after a year, as long as they have revealed details of all their assets and co-operated with the trustee, who represents the interests of people owed money by the bankrupt.

The court heard that in February the trustee wrote to the Official Receiver and the McWilliams claiming that they had failed to co-operate in full.

At that point the Official Receiver applied to have their period of bankruptcy extended.

In June the case came before the High Court where a Bankruptcy Master ruled that the McWilliams period of bankruptcy should not be extended.

However, the court also granted an interim order keeping the bankruptcy in force until an appeal was heard.

Mr Justice Deeney has now ruled that the appeal should include fresh material unearthed by the trustee in recent months.

The case is listed for review on 5 November and the bankruptcy will remain in place until judgement is given.

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These partnerships are LIMITED PARTNERSHIPS...so no public information.

The interesting part is that recently a load of the limited partners have been transfering there interests to other family and related persons (as seen in the gazette)

Many of these names are property developers.

Apologies to the moderators. I was not aware that the LRPP had been mentioned on the forum before. I am not looking for gossip or rumours but facts if anyone has them.

Many Thanks.

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These partnerships are LIMITED PARTNERSHIPS...so no public information.

The interesting part is that recently a load of the limited partners have been transfering there interests to other family and related persons (as seen in the gazette)

Many of these names are property developers.

Apologies to the moderators. I was not aware that the LRPP had been mentioned on the forum before. I am not looking for gossip or rumours but facts if anyone has them.

Many Thanks.

Patrick, can you direct message me what you have and i'll see if I can find out more.

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Boys what do you want to Know?

Lodge Road Property Partnerships and Unit Trust are administered by Moore Stephens,Coleraine

Lets go with Lodge Road Propertyy Six Partnership-92,980 sq ft climate controlled store in Scunthorpe let to Innovate Holdings Ltd.

Banked by Northern Bank,rented at £684,419 '07

NB loan 7.5million non recourse investors in for circ 2.580m

Innovate Holdings in administration with a forensic report due from the administrators!

The cold store remains vaccant in

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These partnerships are LIMITED PARTNERSHIPS...so no public information.

The interesting part is that recently a load of the limited partners have been transfering there interests to other family and related persons (as seen in the gazette)

Many of these names are property developers.

Apologies to the moderators. I was not aware that the LRPP had been mentioned on the forum before. I am not looking for gossip or rumours but facts if anyone has them.

Many Thanks.

I have no interest in bringing the site undue attention but i am interested in the names of the developes who have made transfers

if they have appeared in the Belfast Gazette you should be able to mention them here without redress

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Developer stays bankrupt over property concerns

http://www.bbc.co.uk/news/world-europe-20105010

A developer and his wife face legal action to stop them ending their period of bankruptcy over concerns not all has been revealed about properties abroad.

The details emerged in a High Court application when the Official Receiver was given time to present more evidence against Sean and Mary McWilliams.

They were declared bankrupt in 2011 on a petition from Allied Irish Bank.

The court heard that the bankruptcy trustee was concerned that they had failed to co-operate in full.

Mr and Mrs McWilliams, from County Londonderry, owned a number of property companies registered in Swatragh and Dublin and had their biggest projects in County Donegal.

The court heard that they were also engaged, "at a very substantial level", in dealing in property in France (including Cap Ferrat) and the United States "and perhaps elsewhere".

Insolvency legislation normally allows people to be released from bankruptcy after a year, as long as they have revealed details of all their assets and co-operated with the trustee, who represents the interests of people owed money by the bankrupt.

The court heard that in February the trustee wrote to the Official Receiver and the McWilliams claiming that they had failed to co-operate in full.

At that point the Official Receiver applied to have their period of bankruptcy extended.

In June the case came before the High Court where a Bankruptcy Master ruled that the McWilliams period of bankruptcy should not be extended.

However, the court also granted an interim order keeping the bankruptcy in force until an appeal was heard.

Mr Justice Deeney has now ruled that the appeal should include fresh material unearthed by the trustee in recent months.

The case is listed for review on 5 November and the bankruptcy will remain in place until judgement is given.

Posts for developers in trouble has been quiet since July and no the info is flying

This should be an interesting case I think the ptofessional are taking it personally

Google Earth -16 Boulevard Dominique Saint- Jean-cap-ferrat

No prizes for guessing who house this was

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Date:9 March 2012 Issue Number:7382 Page number:147

Publication Date: Friday, 9 March 2012

Notice Code: 2703

Statement by General Partner

LODGE ROAD PROPERTY PARTNERSHIP LP

(the “Partnership”)

Notice is hereby given that pursuant to section 10 of the Limited Partnerships Act 1907, on 2 March 2012 Sean Patrick Devine and Mary Devine (the “Transferors”) transferred 100% of their joint interest in Lodge Road Property Partnership LP (the “Partnership”), a limited partnership registered in Northern Ireland with number L.P.26, to Mary Devine (the “Transferee”). Accordingly, with effect from 2 March 2012, the Transferors ceased to be a limited partner of the Partnership and the Transferee became a limited partner of the Partnership.

For and on behalf of Moore Stephens Chartered Accountants as Manager of Lodge Road Property Partnership LP

http://www.bbc.co.uk/news/uk-northern-ireland-19293088

http://www.bbc.co.uk/news/uk-northern-ireland-19094292

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Posts for developers in trouble has been quiet since July and no the info is flying

This should be an interesting case I think the ptofessional are taking it personally

Google Earth -16 Boulevard Dominique Saint- Jean-cap-ferrat

No prizes for guessing who house this was

Namawinelake has more

http://namawinelake.wordpress.com/2012/10/27/is-this-the-bankruptcy-that-nama-is-challenging-in-the-uk/

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Date:9 March 2012 Issue Number:7382 Page number:147

Publication Date: Friday, 9 March 2012

Notice Code: 2703

Statement by General Partner

LODGE ROAD PROPERTY PARTNERSHIP LP

(the “Partnership”)

Notice is hereby given that pursuant to section 10 of the Limited Partnerships Act 1907, on 2 March 2012 Sean Patrick Devine and Mary Devine (the “Transferors”) transferred 100% of their joint interest in Lodge Road Property Partnership LP (the “Partnership”), a limited partnership registered in Northern Ireland with number L.P.26, to Mary Devine (the “Transferee”). Accordingly, with effect from 2 March 2012, the Transferors ceased to be a limited partner of the Partnership and the Transferee became a limited partner of the Partnership.

For and on behalf of Moore Stephens Chartered Accountants as Manager of Lodge Road Property Partnership LP

http://www.bbc.co.uk/news/uk-northern-ireland-19293088

http://www.bbc.co.uk/news/uk-northern-ireland-19094292

Does anybody know what this LP holds as its investments?

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Can the Official Receiver chase after partnership assets? What other reason would there be for developers to transfer their interests in these LP to the spouse?

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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