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Bankruptcy Irish Style

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  • 02-05-2013 7:56pm
    #1
    rodento
    Registered Users Posts: 1,728 ✭✭✭


    Couldn't believe it when I read the papers

    killally.jpg

    Ger Killally, 42, a former Fianna Fail councillor and running mate of ex-taoiseach Brian Cowen, was driving from his luxury home in the townland of Shean, Edenderry, Co Offaly, this morning when he came
    under attack    .

    http://www.independent.ie/irish-news/killally-family-lucky-to-escape-shooting-29238658.html

    This guy is bankrupt with 73m in dept, living in a luxury home and only got a suspended sentence for fraud , where is the justice in this


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    #2
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    The family home is protected. Same law for everyone, even FF fraudsters.


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    #3
    rodento
    Registered Users Posts: 1,728 ✭✭✭rodento


    Firstly is that a family home and secondly if he is bankrupt, how can he afford to maintain it and the cars


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    #4
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,056 Mod ✭✭✭✭AlmightyCushion


    srsly78 wrote: »
    The family home is protected. Same law for everyone, even FF fraudsters.

    There should be a limit to it though. If you live in a big house like that, you should have to downsize.


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    #5
    Topper Harley
    Registered Users Posts: 1,698 ✭✭✭Topper Harley


    AlmightyCushion wrote: »
    There should be a limit to it though. If you live in a big house like that, you should have to downsize.

    I wouldn't be at all surprised if it's a different loophole that he's taking advantage of to keep the house and when/if that fails he'll claim protection of the family home. :rolleyes: :mad:


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    #6
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    Half of The family home, is possibly in his wife's name. If she's not bankrupt, then they can't force the sale of the family home.
    While the bankruptcy trustee would have a charge over 50% of the house if its sold, he can't force the sale. Also he could sell his half, but it's kinda hard to sell half a house.


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    #7
    SCOOP 64
    Registered Users Posts: 5,231 ✭✭✭SCOOP 64


    Looka like a nice range rover outside, then again that could be the cleaners car.


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    #8
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    SCOOP 64 wrote: »
    Looka like a nice range rover outside, then again that could be the cleaners car.

    Again both could be owned by his wife.
    He was driving a passat when he was shot at.


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    #9
    NIMAN
    Registered Users Posts: 33,144 ✭✭✭✭NIMAN


    Ordinary Joe Public goes bankrupt and the State tell him what he can spend on clothes, food, heating etc.

    Greedy develpers go bust and they continue to take the p1ss out of us all.


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    #10
    Topper Harley
    Registered Users Posts: 1,698 ✭✭✭Topper Harley


    Scortho wrote: »
    Again both could be owned by his wife.
    He was driving a passat when he was shot at.

    I'll be honest, I read the OP but, initially, I didn't read the link. I assumed by "attacked" that someone threw an egg at him or something...but shot at? :eek:

    And while there were two toddlers in the car. :eek::eek::eek:

    I know I shouldn't be any less annoyed with what he's managed to get away with but this kind of gives a bit of perspective and now I actually have a bit of sympathy for him.


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    #11
    SCOOP 64
    Registered Users Posts: 5,231 ✭✭✭SCOOP 64


    What position did he put himelf in to, to endanger the lives of his family, must be dealing with some dodgy people.


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    #12
    vertico
    Registered Users Posts: 133 ✭✭vertico


    Scortho wrote: »
    Half of The family home, is possibly in his wife's name. If she's not bankrupt, then they can't force the sale of the family home.
    While the bankruptcy trustee would have a charge over 50% of the house if its sold, he can't force the sale. Also he could sell his half, but it's kinda hard to sell half a house.
    My partner is on the deeds of my house and not on the mortgage, Does that mean the bank can't take the house if I fail to pay


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    #13
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    vertico wrote: »
    My partner is on the deeds of my house and not on the mortgage, Does that mean the bank can't take the house if I fail to pay

    To the best of my knowledge yes but with mortgages it may be different. I'd be asking a solicitor to be honest about it. Generally the bank won't let another person go on the deeds, if only one is on the mortgage.

    My point was in relation to bankruptcy of an individual who has a 50% share in an asset. The trustee can't take possession of the other 50%.


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    #14
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    SCOOP 64 wrote: »
    What position did he put himelf in to, to endanger the lives of his family, must be dealing with some dodgy people.

    There was a thread in after hours about it. Apparently he had a few dealings with the wrong kind of people.
    If you owed 70 odd million and went bankrupt you'd piss of a few.


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    #15
    rodento
    Registered Users Posts: 1,728 ✭✭✭rodento


    So if you declare yourself bankrupt before the banks move on the mortgage your home dry????


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    #16
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    rodento wrote: »
    So if you declare yourself bankrupt before the banks move on the mortgage your home dry????

    You don't declare yourself bankrupt. Youre adjudged to be bankrupt.
    In order to do that you'd need to be insolvent and unable to meet your liabilities.

    When you get married, your partner gets title over your assets, she doesn't over your debt.

    I would check it out though with a solicitor as I may be wrong.

    I'd find it hard to believe that the bank allowed someone's name to go on the deeds of the house, with a mortgage outstanding on it as it effectively loses them their security.


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    #17
    Technoprisoner
    Registered Users Posts: 1,309 ✭✭✭Technoprisoner


    i never heard of the guy before today....but what i did hear about him i was absolutely shocked..... for people to go around with "killally owes me 50 grand" stickers on the back of trailers tells me this guy has pissed off a lot of people. I believe there will be an awful lot of potential suspects on the list.


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    #18
    jimmycrackcorm
    Registered Users Posts: 14,330 ✭✭✭✭jimmycrackcorm


    I don't understand what the point is in having a pot shot at him. Whoever feels aggrieved with him is not going to get their money back in any case.


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    #19
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    jimmycrackcorm wrote: »
    I don't understand what the point is in having a pot shot at him. Whoever feels aggrieved with him is not going to get their money back in any case.

    Might scare the wife if she has some bob lying around


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    #20
    VONSHIRACH
    Registered Users Posts: 374 ✭✭VONSHIRACH


    I know some people who live in Edenderry. They are amused by this guy's antics down through the years and somewhat annoyed by his association with the town. He lives in Edenderry yeah, but he is actually from Rhode area originally. How he turned out this way is shocking, his dad is a very nice and well known/respected guy, a now retired ESB meter reader. When Killally first set up business in Edenderry, back in the 1990's, apparently he passed himself off as a qualified accountant. There was a spread about him in the local paper about his new business opening, blah, blah, blah, worked and trained and studied in Dublin etc. It turned out he was chancing his arm, he never qualified! The accountancy body concerned instructed him to remove any reference to them from his business.


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    #21
    Taxburden carrier
    Registered Users Posts: 553 ✭✭✭Taxburden carrier


    VONSHIRACH wrote: »
    I know some people who live in Edenderry. They are amused by this guy's antics down through the years and somewhat annoyed by his association with the town. He lives in Edenderry yeah, but he is actually from Rhode area originally. How he turned out this way is shocking, his dad is a very nice and well known/respected guy, a now retired ESB meter reader. When Killally first set up business in Edenderry, back in the 1990's, apparently he passed himself off as a qualified accountant. There was a spread about him in the local paper about his new business opening, blah, blah, blah, worked and trained and studied in Dublin etc. It turned out he was chancing his arm, he never qualified! The accountancy body concerned instructed him to remove any reference to them from his business.

    Sure you are not confusing him with a recently retired sleeveen from Drumcondra:D


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    #22
    VONSHIRACH
    Registered Users Posts: 374 ✭✭VONSHIRACH


    Taxburden carrier wrote: »
    Sure you are not confusing him with a recently retired sleeveen from Drumcondra:D

    nope. didn't hear about that Drumcondra guy....:confused:


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    #23
    Taxburden carrier
    Registered Users Posts: 553 ✭✭✭Taxburden carrier


    VONSHIRACH wrote: »
    nope. didn't hear about that Drumcondra guy....:confused:

    Won his money on a horse :o:rolleyes:


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    #24
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    VONSHIRACH wrote: »
    nope. didn't hear about that Drumcondra guy....:confused:

    He was the head honcho of the drumcondra mafia.
    Known to be highly dangerous when it comes to screwing a country.
    Known associates include paddy the plasterer and des Richardson.


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    #25
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    srsly78 wrote: »
    The family home is protected. Same law for everyone, even FF fraudsters.

    Only for defaulting mortgage payers though. If a renter falls behind by €50, they get evicted even if it's their family home.


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    #26
    jmayo
    Registered Users Posts: 13,126 ✭✭✭✭jmayo


    srsly78 wrote: »
    The family home is protected. Same law for everyone, even FF fraudsters.

    There is a family home and then there is his family home.
    Topper Harley wrote: »
    I'll be honest, I read the OP but, initially, I didn't read the link. I assumed by "attacked" that someone threw an egg at him or something...but shot at? :eek:

    And while there were two toddlers in the car. :eek::eek::eek:

    I know I shouldn't be any less annoyed with what he's managed to get away with but this kind of gives a bit of perspective and now I actually have a bit of sympathy for him.

    What is it with having smypathy for people who have dumped massive amount of debts that have to paid for by the rest of us ?

    Added to the fact he has dumped massive amounts of debt on us, the guy has been linked to fraud, theft, corruption and before anyone starts the hoopla about only being linked he has been found guilty in a court of law of theft and fraud.

    So in my mind him and his familly, who have and will probably continue to benefit (see the house they live in for instance) from his actions, deserve shag all sympathy.
    Remember he asked Judge Peter Kelly for an allowance of nearly 18,000 a month to run this home of his.

    And the best bit is he was the fianna fail chairman of Offaly county council and running mate of former taoiseach and leader of ff.
    What is with the old adage about one can judge a man by the company he keeps ?
    jimmycrackcorm wrote: »
    I don't understand what the point is in having a pot shot at him. Whoever feels aggrieved with him is not going to get their money back in any case.

    Maybe someone thinks that he can cough up and just gave him a little reminder.
    Maybe someone has decided that the Viper just wasn't cutting it and moved to someone more hands on.
    I am surprised more of this hasn't happened.

    BTW what aboiut the rumour he had a large quantity of cash in the boot "to start a new business venture" ?
    I thought he was bankrupt or is it just "bankrupt Irish fianna fail developer style" ?

    Here is another image of his nice pad to show just how impoverished himself and his family are.
    ger-killally-2-390x285.jpg


    Taxburden carrier wrote: »
    Sure you are not confusing him with a recently retired sleeveen from Drumcondra:D

    Same party, different level.

    Did I mention that he was brian cowen former ff leader's running mate in not just one but two elections ?
    People need to be reminded about the history of this party.

    2210_killally_h_211903t.jpg


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    #27
    Topper Harley
    Registered Users Posts: 1,698 ✭✭✭Topper Harley


    jmayo wrote: »
    What is it with having smypathy for people who have dumped massive amount of debts that have to paid for by the rest of us ?

    It's really more sympathy for his kids over the shooting incident. I'm not excusing him in any way, shape or form.


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    #28
    jmayo
    Registered Users Posts: 13,126 ✭✭✭✭jmayo


    Topper Harley wrote: »
    It's really more sympathy for his kids over the shooting incident. I'm not excusing him in any way, shape or form.

    I would not want to see his kids hurt, but I find it hard to be sympathetic to them when you think they have advantages of nice home and probably better quality of life whereas the kids of the victims of guys like killaly will probably not enjoy such advantages.


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    #29
    the culture of deference
    Banned (with Prison Access) Posts: 2,196 ✭✭✭the culture of deference


    Scortho wrote: »
    He was the head honcho of the drumcondra mafia.
    Known to be highly dangerous when it comes to screwing a country.
    Known associates include paddy the plasterer and des Richardson.

    He also spent all his money buying all the copies of some SH!TE chick lit book Published by an unknown in 2004, it was the number 1 bestseller in Ireland (for 19 weeks). Then a movie was made but the work has stirred up some controversy for its close similarity to a 1997 Korean film entitled "The Letter" .


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    #30
    _Kaiser_
    Registered Users Posts: 28,729 ✭✭✭✭_Kaiser_


    Bankrupt? House aside, according to a story on BreakingNews earlier:
    Former Fianna Fáil Councillor Ger Killally had a quantity of cash in the boot of his car when it was shot at by raiders yesterday, it is understood...

    ... The cash is thought to have been intended to be used for a new business venture.

    Riiight, so you're bankrupt and unable to pay your debts.. but can still have/be given money for a new business venture??

    Something doesn't add up...


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    #31
    Mr.Micro
    Registered Users Posts: 5,336 ✭✭✭Mr.Micro


    Kaiser2000 wrote: »
    Bankrupt? House aside, according to a story on BreakingNews earlier:



    Riiight, so you're bankrupt and unable to pay your debts.. but can still have/be given money for a new business venture??

    Something doesn't add up...

    This is the type that FF choose as candidates for election lol. He is probably in NAMA collecting 200K per year, whilst all the people who he owes money to are gone to the wall.


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