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

Monty Burnz

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

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

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

In before "begrudgery" accusations...

galwayrush

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

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!

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

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

Pj!

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.

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

Coriolanus

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

Well at least he as his priorities right these days.

Kimono-Girl

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

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!

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

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

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

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

Oranage2

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

upandcumming

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

thesimpsons

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

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

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

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

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

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

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

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

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!

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

3ndahalfof6

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.