NAMA begins proceedings against Sean Dunne

dublogic

<rant>

Finallylllllllly. Thank Fcuk! This guy is symbolic of all what was wrong with the celtic tiger - an arrogant so and so if there every was one and a really, really sh1t business man - just really, really poor but i have to pay for this ucker!

</rant>

http://www.rte.ie/news/2012/0106/dunnes.html

Good day to you Sirs & Ma'ams

Rhyme

For folks on phones.

NAMA has begun enforcement proceedings against developer Sean Dunne.

A spokesman for the agency said "We served papers on Sean Dunne over the Christmas holidays as part of enforcement proceedings to recover debts for the Irish taxpayer."

It is understood NAMA intends to take the action to pursue personal guarantees given by Mr Dunne.

Last year the agency appointed a statutory receiver to a number of properties owned by Mr Dunne.

Grant Thornton was been appointed to act as receiver.

One of the properties included in the receivership was Hume House in Ballsbridge, which the developer bought in 2005 for €130m.

In 2010, NAMA acquired land and development loans extended to Mr Dunne by Irish lenders.

The former Jury's Doyle Hotel in Ballsbridge was not included in the receivership as it was financed by British-owned Ulster Bank.

Be interesting to see how these proceedings progress, how long they take (and how much they actually get).

bonzos

Bit late taking proceeding now....they give him plenty of time to transfer assets to his wife. Mark my words the taxpayer will get f@ck all,it will go to court and she will claim that she needs €5k a week to live on and a house. This is Ireland....just look at the circus that is happening over Sean Quinn. The only winners will be the legal heads who will milk every penny from it!

MagicSean

bonzos wrote: »

Bit late taking proceeding now....they give him plenty of time to transfer assets to his wife. Mark my words the taxpayer will get f@ck all,it will go to court and she will claim that she needs €5k a week to live on and a house. This is Ireland....just look at the circus that is happening over Sean Quinn. The only winners will be the legal heads who will milk every penny from it!

Some people are never happy.

ejmaztec

Whatever they collect off these characters will be peanuts compared to the billions that the country's in the sh1t for because of them, it won't even make so much as a slight dent.

Temptamperu

bonzos wrote: »

Bit late taking proceeding now....they give him plenty of time to transfer assets to his wife. Mark my words the taxpayer will get f@ck all,it will go to court and she will claim that she needs €5k a week to live on and a house. This is Ireland....just look at the circus that is happening over Sean Quinn. The only winners will be the legal heads who will milk every penny from it!

They already had his wife up in court and its been proven shes not a wall flower so the funds may be still there and still receivable.

Phill Ewinn

Just after they changed the name over the door. What timing!!! Total non story. We're already bolloxed 'cause of him and his two mates called Brian.

Gophur

Poor Gayle!

bonzos

MagicSean wrote: »

Some people are never happy.

Name me one person who has been held financially accountable for the damage done to this country? Bertie? Ronan? Quinn? ......time you started to look at reality not what's in the papers!

washman3

And the present coalition Government will do fcuk all about it too, because many of them were also up to their necks in the property game.:mad:

Chuck Stone

These people should be destitute and queuing in the dole office.

mikom

Window dressing.

MungBean

bonzos wrote: »

Bit late taking proceeding now....they give him plenty of time to transfer assets to his wife.

Can they not take them from the wife knowing they were transferred for the sole purpose of avoiding repaying his debts ?

Surely its not as simple as borrow a billion, buy a load of property and then give it to your wife and nobody can do nothing about it.

squod

RTE ''news'' makes claim number 173 about Sean Dunne being brought to justice. Blah, blah, blah.

smash

Most of his loans aren't with Irish banks anyway.

washman3

MungBean wrote: »

Can they not take them from the wife knowing they were transferred for the sole purpose of avoiding repaying his debts ?

Surely its not as simple as borrow a billion, buy a load of property and then give it to your wife and nobody can do nothing about it.

Yes, could be done tomorrow if only the will to do it was there.
IMO the biggest fear is that these guys will start talking and bring down the whole house of cards by implicating the politicans involved.
Much easier for the government to do a bit of "optics" now and again and take the heat off.;)

squod

MungBean wrote: »

Surely its not as simple as borrow a billion, buy a load of property and then give it to your wife and nobody can do nothing about it.

Property is worth up to 60% less now than it was in 2008. The financial come back horse has bolted. It's too late for this. I doubt anything will come from it anyway.

smash

squod wrote: »

Property is worth up to 60% less now than it was in 2008. The financial come back horse has bolted. It's too late for this. I doubt anything will come from it anyway.

Well he does own AIB headquarters. It'd be funny if he kicked them out saying he was going bankrupt

squod

smash wrote: »

Well he does own AIB headquarters. It'd be funny if he kicked them out saying he was going bankrupt

Like to see that meself.

smash

Especially because they sold all their assets and have nowhere else!

Boombastic

Instead of starting a new thread, I'll add to this one as it's the same topic

The NAMA developer awarded an unauthorised contract to a company controlled by his wife to refurbish D4 Hotels following flood damage in October 2011, according to papers lodged in the High Court.....................

Details of the allegation emerged after a company owned by Ms Killilea sued the banks, claiming it was owed almost €2.5m for carrying out the renovations.

But Zrko, the syndicate of lenders led by Ulster Bank, claims that not only was the contract awarded to Ms Killilea's company Mavior without their knowledge, but the work carried out was also "below standard".




poor Gayle my ar$e, she is as corrupt as he is, Jail them both

bbsrs

Our friend Mr Dunne has declared himself bankrupt in the US. Free to start again in a year while we less well connected individuals have to stay and pay for his debts for decades to come. It's a fcuked up world.
http://m.rte.ie/news/touch/2013/0331/379157-sean-dunne-declares-himself-bankrupt-in-us/
http://www.independent.ie/irish-news/people-of-ireland-i-am-truly-sorry-former-baron-of-ballsbridge-sean-dunne-has-filed-for-bankruptcy-in-the-united-states-29165116.html

washman3

Will he now have to make the heart-breaking decision of getting rid of his SKY or VHI...?

BillyMitchel

Bankrupt and clost to a billion in debt it said today. Assists maybe worth up to 10 million. That's all dollars.

Holy focking shît!!

How greedy and out right stupid do you have to be.

Montroseee

Im really beginning to detest that term 'Celtic Tiger.'

washman3

MungBean wrote: »

Can they not take them from the wife knowing they were transferred for the sole purpose of avoiding repaying his debts ?

Surely its not as simple as borrow a billion, buy a load of property and then give it to your wife and nobody can do nothing about it.

yes, thats how simple it really is. i kid you not.!! just as long as you had the leader of your country on your side to implement legislation if anything went wrong along the way. the bank guarantee and nama were introduced for one reason and one reason only, to maintain the status quo and protect the crony elite. Never, ever believe anything else.;)

the culture of deference

MungBean wrote: »

Surely its not as simple as borrow a billion, buy a load of property and then give it to your wife and nobody can do nothing about it.

This is correct.

Irish couple who built up a €1bn (£800m) portfolio of luxury property, stretching from London to Washington DC and Stockholm, will attempt to file for bankruptcy in London on Thursday.

Brian O'Donnell, a high-profile Dublin corporate lawyer, and his psychiatrist wife, Mary Patricia O'Donnell, are accused of being among the Irish "bankruptcy tourists" fleeing to the UK to use Britain's more lenient bankruptcy laws.

The Irish court battle revealed that the couple, who were once listed as the 178th richest in Ireland, have transferred the ownership of three properties worth an estimated €360m to their four children. Lawyers for the Bank of Ireland dismissed the trusts as a "sham".

The properties transferred to their children include the London residence in Barton Street, Westminster. The property is valued at about £13m, up from the £10.5m the O'Donnells' investment company, Vico Barton.


The couple also spent £194m buying the offices of Sweden's tax authorities in Stockholm.


His practice, however, is not high profile.
He first diversified into serious property business back in 1999 and, with access to funds from a string of banks including Bank of Ireland, Ulster Bank and Anglo-Irish, made his audacious moves in London, Scandinavia and the US.


Other high-profile Irish business people filing for bankruptcy in Britain include David Drumm, a former chief executive of Ireland's "toxic bank", Anglo Irish, and the property developer John Fleming, who was declared bankrupt by Southend crown court with debts of €1bn.

The Bank of Ireland declined to comment. O'Donnell declined to comment about the suggestion that he had transferred millions of pounds' worth of property to his adult children.


Another person who has said he is considering filing for bankruptcy in Britain is the former Irish minister and media personality Ivan Yates. Yates, formerly agricultural minister, is saddled with debts of up to €3.5m following the collapse of the bookmaking firm he set up. This year he described his future as "exceptionally bleak" and "full of uncertainty" as he stood down as the breakfast show host of Ireland's Newstalk radio.

Means Of Escape

Temptamperu wrote: »

They already had his wife up in court and its been proven shes not a wall flower so the funds may be still there and still receivable.

Dream on
If they couldn't find the paper trail linking Lowry to O Brien you can be sure Dunne has done the same
He will continue to laugh his arse off in his jacuzzi .

G Power

MagicSean wrote: »

Some people are never happy.

I suggest you read the post you quoted again and again until you get your head around it