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Courts starting to get tough with failed business men

IrishTonyO · 2010-04-15 19:59:52

Is this the start of the courts getting tough with business men who owe millions or billions? Lets hope so "BUSINESSMAN Brendan Murtagh yesterday lost a court bid to retain funds worth up to €1.2m towards "living expenses" over a case in which investors are pursuing a €28m debt. " "Mr Murtagh would have to come to terms…

15-04-2010 7:59pm

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IrishTonyO

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Is this the start of the courts getting tough with business men who owe millions or billions? Lets hope so

"BUSINESSMAN Brendan Murtagh yesterday lost a court bid to retain funds worth up to €1.2m towards "living expenses" over a case in which investors are pursuing a €28m debt. "

"Mr Murtagh would have to come to terms with the fact he was no longer very wealthy, may have to reduce his living standards accordingly and consider whether he needed two houses that had been transferred into his wife's name, the judge said.
He found it hard to see how Mr Murtagh would need to keep share and pension-fund assets, valued between €700,000 and €1.2m, for "reasonable" living expenses."

http://www.independent.ie/national-news/courts/tycoon-faces-life-on-836411000-state-pension-2138574.html

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