Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

PricewaterhouseCooper

  • 03-02-2010 6:27pm
    #1
    BigAl>>
    Closed Accounts Posts: 266 ✭✭


    Anyone know if its poosilbe to deal direct with these after they take ownership of land/property of a developer?


    (not sure if this is the correct section for this question,mods feel fre to move)


Comments

  • #2
    probe
    Closed Accounts Posts: 2,055 ✭✭✭probe


    BigAl>> wrote: »
    Anyone know if its poosilbe to deal direct with these after they take ownership of land/property of a developer?

    If you have a serious proposal or issue to deal with, give them a call, and follow it up in writing.

    While I have no connection with PwC, I have had experience with this area "in a past life" and it can on occasion be an hyper active deluge of phone calls and other communications to deal with. Burning the midnight oil etc.

    There are serious decisions involved, multiple parties with various interests, with €millions at stake in many transactions - it is not something that can be run like a call centre with people on minimum wage working from prompts they are reading off VDUs....

    If you do encounter delays, don't assume the negative.


  • #3
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    I'd be surprised if they've taken 'ownership' of the property.

    I presume they have been appointed as a receiver? If they have, a named person will be appointed as receiver, rather than the firm itself.

    If you write to the receiver expressing an interest, I'd be surprised if you didn't get a letter back when they go to sell the property. People who want to buy property are pretty thin on the ground.

    The receiver has to do his best to get the best price. He has a duty to the shareholders and creditors of the company, as well as to the bank.


  • #4
    probe
    Closed Accounts Posts: 2,055 ✭✭✭probe


    antoinolachtnai wrote: »
    I'd be surprised if they've taken 'ownership' of the property.

    I presume they have been appointed as a receiver? If they have, a named person will be appointed as receiver, rather than the firm itself.

    If you write to the receiver expressing an interest, I'd be surprised if you didn't get a letter back when they go to sell the property. People who want to buy property are pretty thin on the ground.

    The receiver has to do his best to get the best price. He has a duty to the shareholders and creditors of the company, as well as to the bank.

    If it is a receivership (the info in the OP is not very detailed), one of the first things the receiver will do is get the keys (assuming a building or other lockable up real-estate). The insolvency practitioner doesn't take "ownership" of the property (ie title) - they take possession (ie physical control) and secure the place.

    The fact that an appointment of receiver or liquidator is in an individual's name is irrelevant - if you contact the firm, you will be routed to the person dealing with the matter.

    PWC is also advising NAMA on various matters. If the property in question is being "NAMAized" (ie dumped by the bank in question on the government at a discount), it is probably in a hiatus situation at the moment. If the OP urgently wants to buy the property in question and doesn't know which bank is involved, get someone to do a search to see who has registered a charge on the property and contact them (ie the bank in question) directly.

    It could of course be "secured" by equitable deposit of title deeds or similar (as appears to be the case with AIB and Zoe for €550 million in loans) - in which case it might be difficult to find out who the "chargeholder" is without inside information. One could always ask the developer - it is surely in his interest that the asset in question is sold at the best price.


Advertisement