Developer refuses to pay debts but pays 27k for private schools

Monty Burnz · 06-02-2011 5:16pm #1

I thought this story deserved the old 'After Hours' treatment. A developer, Simon Kelly, owes €17 million euros. He says he has an income of only €80k per annum, and so he can only pay €100 per week towards the €17,000,000.

Where is his money going? Well €27 grand is going to put his kids through private schools. WTF??

And he was allowed get away with it!

Story is here...

My name is URL · 06-02-2011 5:21pm

Nothing surprises me any more.. if this was some Joe Soap who was genuinely struggling to pay back a loan you can be damn sure that they'd be made pay whatever they can afford

Tar.Aldarion · 06-02-2011 5:21pm

Once the amount that is deemed payable by him is set he can spend the rest how he wants. This seems like an offer by him, not what is set.

Dudess · 06-02-2011 5:21pm

In before "begrudgery" accusations...

galwayrush · 06-02-2011 5:22pm

No real surprise here...:rolleyes:
Suppose he can use a few loopholes, like having a few limited companies owing the money.:rolleyes:
Surprised he's only on 80 K a year now, sure the builders friend NAMA pays them more than that to run their bankrupt companies..:rolleyes:

bonerm · 06-02-2011 5:24pm

His kids will need a good education if they are to grow up to be the next generation of successful entrepreneurs / captains of industry.

Pj! · 06-02-2011 5:25pm

Monty Burnz wrote: »

so he can only pay €100 per week towards the €17,000,000.

Per month you mean.

It's fine. At that rate it'll be paid back in just over 14,000 years.

Tar.Aldarion · 06-02-2011 5:26pm

Didn't see it was per month, good look getting that agreed to, rofl!

Pj! · 06-02-2011 5:53pm

Pj! wrote: »

Per month you mean.

It's fine. At that rate it'll be paid back in just over 14,000 years.

If Simon Kelly pays this for 50 years, then his child takes up the payments for 50 years, and then that child's child takes up the payment for 50 years, and so on.

Then his child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, childs, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child will pay the final installment. (or thereabouts)

Eh Simon... €100 a month won't do buddy.

06-02-2011 5:55pm

Wtf.. That's less than what UlsterBank look for if you don't pay of your student overdraft on time. Cock.

Coriolanus · 06-02-2011 6:00pm

I hear bricks are going cheap these days. I'd like to riot but I don't want to be on my own.

Wolfe Tone · 06-02-2011 6:01pm

Well at least he as his priorities right these days.

Kimono-Girl · 06-02-2011 6:01pm

Pj! wrote: »

If Simon Kelly pays this for 50 years, then his child takes up the payments for 50 years, and then that child's child takes up the payment for 50 years, and so on.

Then his child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, childs, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child will pay the final installment. (or thereabouts)

Eh Simon... €100 a month won't do buddy.

nah you aren't calculating that right,

he has 5 children, if they have 5 children each then thats 30 dependents to pay it back

Monty Burnz · 06-02-2011 6:04pm

Tar.Aldarion wrote: »

Didn't see it was per month, good look getting that agreed to, rofl!

I think it's a done deal.

Pj! · 06-02-2011 6:04pm

Kimono-Girl wrote: »

nah you aren't calculating that right,

he has 5 children, if they have 5 children each then thats 30 dependents to pay it back

Shhhhh.

I'm happy with my findings.

Logical Fallacy · 06-02-2011 6:05pm

Kimono-Girl wrote: »

nah you aren't calculating that right,

he has 5 children, if they have 5 children each then thats 30 dependents to pay it back

One of em joins the priesthood, one turns out to be gay, another is straight but scared of vag and the last is just ugly.

Only one of them ends up having kids.

Monty Burnz · 06-02-2011 6:05pm

Kimono-Girl wrote: »

nah you aren't calculating that right,

he has 5 children, if they have 5 children each then thats 30 dependents to pay it back

Well, that assumes we write off interest. If the interest is 5%, the debt will increase by nearly a million in the first year, and it will grow forever after. :mad:

Kimono-Girl · 06-02-2011 7:11pm

Guys that is too much logic for me! :eek:

Oranage2 · 06-02-2011 7:16pm

Really sickening story when you consider people go to jail for not being able to pay a LUAS fare!

upandcumming · 06-02-2011 7:30pm

I presume he has a wife taking something in no? People are so thoughtless around here.

thesimpsons · 06-02-2011 7:32pm

ffs - revenue chasing me about 800e they claim I own from 1998. I'm disputing it as they haven't given me any backup to prove their claim - just keep sending me demands for payment. I have records with my P60s, balancing statements etc from back then and don't see where they get the figure from. Anyway, if I do own it, I wonder would they accept 1e a month - I should be able to get away with quoting precedent

Gyalist · 06-02-2011 7:33pm

This post reminds me of a chant at a certain Junior Cup match last year between two well-known South Dublin private schools:

"Your house is going to NAMA
Your Dad is going to jail
Eh oh your Dad-i-o
Nobody's going to pay his bail"

€27k for 5 kids is not actually too bad. He must be getting some sort of family discount for it to be so reasonable.

stoneill · 06-02-2011 7:36pm

It would be the exact opposite for the likes of us.
Having to pay back €27,000 per month on a €100 loan.
Damn loan sharks.

My name is URL · 06-02-2011 7:43pm

upandcumming wrote: »

I presume he has a wife taking something in no? People are so thoughtless around here.

He said he has a salary of 80,000 euro. People are paying back far bigger loans with much smaller salaries. It's a joke that he wasn't made to put up more per month considering the size of the loan. 25 euro per week.. come on like

sollar · 06-02-2011 7:52pm

So is the judge basically saying that state school isn't good enough for that class of person, it would be unfair on the children to be taken out of their private school.

Our judges are a joke.... look what happened with ivor the weasel too. The all see themselves as a better class of person and should be dealt with differently.

upandcumming · 06-02-2011 8:23pm

My name is URL wrote: »

He said he has a salary of 80,000 euro. People are paying back far bigger loans with much smaller salaries. It's a joke that he wasn't made to put up more per month considering the size of the loan. 25 euro per week.. come on like

I presume he has a wife taking something in no? People are so thoughtless around here.

My name is URL · 06-02-2011 8:26pm

upandcumming wrote: »

I presume he has a wife taking something in no? People are so thoughtless around here.

Well you're showing ample thought in your replies

Ronin247 · 06-02-2011 8:39pm

upandcumming wrote: »

I presume he has a wife taking something in no? People are so thoughtless around here.

5 kids,definitely taking something in................E800/month in childrens allowance

Son Of A Vidic · 06-02-2011 8:42pm

Put him in the stocks for 24 hours, followed by a public flogging. Then off to jail with him so he can become a 'man bitch' for his new cellmate.

Aoifey! · 06-02-2011 9:31pm

Sure hardly expect his kids to go to public school, do ya?! Check a some people :rolleyes:

3ndahalfof6 · 06-02-2011 9:48pm

Pj! wrote: »

Per month you mean.

It's fine. At that rate it'll be paid back in just over 14,000 years.

At least the families of Ireland will have there debt paid back 1000yrs earlier.

m5ex9oqjawdg2i · 06-02-2011 9:55pm

Monty Burnz wrote: »

I thought this story deserved the old 'After Hours' treatment. A developer, Simon Kelly, owes €17 million euros. He says he has an income of only €80k per annum, and so he can only pay €100 per week towards the €17,000,000.

Where is his money going? Well €27 grand is going to put his kids through private schools. WTF??

And he was allowed get away with it!

Story is here...

FCUK HIM!!! :mad:

Monty Burnz · 06-02-2011 9:56pm

In addition to that €17 million he's not paying back, €200 million worth of his other bad loans have been taken over by NAMA - how much will those loans end up costing the Irish state? So that money comes out of OUR pockets - money that should be going towards our schools and hospitals. And it turns out that our schools aren't good enough for the pr1ck. Odd, that.

Where's the vomit smiley?

Red Hand · 06-02-2011 10:02pm

Monty Burnz wrote: »

Where's the vomit smiley?

:pac:.............
............
...........

Lumen · 06-02-2011 10:03pm

Gyalist wrote: »

€27k for 5 kids is not actually too bad. He must be getting some sort of family discount for it to be so reasonable.

Apparently the state pays for the teacher salaries in private schools. The 27k is to keep his kids away from the commoners.

Aishae · 06-02-2011 10:08pm

that article says he hasnt actually paid anything - he offered a 100 a month :mad:

Monty Burnz · 06-02-2011 10:16pm

Aishae wrote: »

that article says he hasnt actually paid anything - he offered a 100 a month :mad:

Basically he offered the equivalent of a cup of coffee per day to repay a debt of €17 million euros. And it seems the judge said, 'nah, don't worry about it mate - keep the lot'.

Un-****ing believable.

tallaghtmick · 06-02-2011 10:17pm

Monty Burnz wrote: »

I thought this story deserved the old 'After Hours' treatment. A developer, Simon Kelly, owes €17 million euros. He says he has an income of only €80k per annum, and so he can only pay €100 per week towards the €17,000,000.

Where is his money going? Well €27 grand is going to put his kids through private schools. WTF??

And he was allowed get away with it!

Story is here...

ITS IRELAND!!!!!!!

Aishae · 06-02-2011 10:18pm

if you or me had debts even up to a few hundred thousand (in comparison to 17 million) we coul d very well be forced to sell our homes (so we had to get something smaller) swanky cars and be forced to make some serious adjustments to the means we were used to living

Capt'n Midnight · 06-02-2011 10:58pm

Hang on a second.

If I was to give my sister my house , I could just pay off the debt at €100 a month ?

Where do I sign ?

Geansai Rua · 06-02-2011 11:11pm

He also has five properties in liverpool???

and asked for money from nama?

This guy is a pure knob..:mad:

how is 80k not enough?

melekalikimaka · 06-02-2011 11:28pm

sollar wrote: »

So is the judge basically saying that state school isn't good enough for that class of person, it would be unfair on the children to be taken out of their private school.

not really tho, your kinda just making up stuff to fill in your theories or rich vs poor in your head

Fremen · 06-02-2011 11:44pm

Pj! wrote: »

If Simon Kelly pays this for 50 years, then his child takes up the payments for 50 years, and then that child's child takes up the payment for 50 years, and so on.

Then his child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, childs, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child's, child will pay the final installment. (or thereabouts)

Kimono-Girl wrote: »

nah you aren't calculating that right,

he has 5 children, if they have 5 children each then thats 30 dependents to pay it back

If ALL these guys have five children each, by the end there will be more Kellys than there are atoms in the observable universe.

I'm not really sure if that's a good thing or a bad thing for humanity.

Monty Burnz · 06-02-2011 11:58pm

melekalikimaka wrote: »

not really tho, your kinda just making up stuff to fill in your theories or rich vs poor in your head

I think Sollar has a point. How in the name of Christ can the judge basically let him off a 17 million euro debt and allow him to spend 27k on school fees? The 27k is a completely discretionary amount - he could have his children educated for free in a public school.

This guy had a very good lawyer, and clearly the judge felt that his children merited private education.

Sonnenblumen · 07-02-2011 12:27am

FACT: Corporate Debt is not Personal Debt!
Q: Should any child be punished for the 'sins' of the father? No.

Monty Burnz · 07-02-2011 12:33am

Sonnenblumen wrote: »

FACT: Corporate Debt is not Personal Debt!
Q: Should any child be punished for the 'sins' of the father? No.

Should a child get a a private education when the parent cannot afford it?

Why should one child get preferential treatment over another, just because their father borrowed a lot of money and thought he was rich?

Fremen · 07-02-2011 12:49pm

Sonnenblumen wrote: »

FACT: Corporate Debt is not Personal Debt!
Q: Should any child be punished for the 'sins' of the father? No.

You've got it backwards. Going to a private school is a privilige. NOT going to a private school is not a punishment.

K4t · 07-02-2011 12:58pm

Sonnenblumen wrote: »

FACT: Corporate Debt is not Personal Debt!
Q: Should any child be punished for the 'sins' of the father? No.

So you're saying that attending public school is the equivalent of being punished?? Entitlement, entitlement, entitlement..:rolleyes:

RoisinDove · 07-02-2011 1:12pm

Sonnenblumen wrote: »

FACT: Corporate Debt is not Personal Debt!
Q: Should any child be punished for the 'sins' of the father? No.

Yeah... God forbid his no doubt spoiled and entitled offspring end up going to public schools like MOST PEOPLE! :rolleyes:

Jonniealan · 07-02-2011 1:15pm

I heard him on the radio being interviwed a few weeks ago he sounded a bit more level headed and realistic than most shysters/developers, dissapointing to hear he's just another conman crook given a free pass.

And then sending his sons to some b*astard factory down teh country at the tax payers expense classic just classic and the irony is, his kids will grow up just in time to rip the state off again when it starts to recover.

This needs to be nipped in teh bud now and send the inocent childeren of developers to working class inner city schools andything to teach these people humility.

Strata · 07-02-2011 2:02pm

Sonnenblumen wrote: »

FACT: Corporate Debt is not Personal Debt!

Is the 17million not personal debt though? It doesn't say anything in the newspaper article about a company incurring the debt.

[/QUOTE]Q: Should any child be punished for the 'sins' of the father? No.[/QUOTE]

In what parallel universe does sending children to a public school equal punishment? If that's the case most Irish parents are doling out "punishment" to their children on a daily basis!

Developer refuses to pay debts but pays 27k for private schools

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