Alanfitz151188 wrote: » Has anyone heard anything about new builders and Hollywoidrath site
AndrewJRenko wrote: » Do you not think the professional lenders, who's job is literally to lend money and get it back, have a better idea of whether a loan is every going to pay off or not? They're only going to push to receivership if/when this is the best financial option for them.
Nijmegen wrote: » If you have a loan on a firm, pushing them to receivership is not a great solution if you can get 100% of your money out of them by just being patient.
rongeremy wrote: » If your debt is sold to a vulture fund, they are never as reasonable as your bank and can call in the debt at any time. Whatever word suits, its the same thing. Their debt was called in.
Shefwedfan wrote: » Loans didn't get called in. The initial issue happened when the scaffolding company got fed up waiting for payment and pulled all their scaffolding off MDY sites.....effectively shutting down all their sites......the Directors shut up shop in case they got asked too many questions....standard practise for a construction company in Ireland You point to an article with a guy who is head of Credit Review??? so a clown that would have told everyone to take out loans before the bust....now its back to a but of boom and he is on the paper complaining because people are not taking out loans again?.....refering to a relationship with your local bank??? the only reason this mess ever happened was because of the banks.....plus most of the people I have seen getting kick out are by your lovely "local" bank.....
rongeremy wrote: » I said their loans were called in and that was a factor (granted only one factor). That was rubbished so I backed it up with an article. That was rubbished too. Its not different than a home owner who's under performing mortgage is sold on and called in, and sometimes a performing mortgage also. I'm not making excuses for MDY, I'm simply affected by the screw-up. Anyway, https://www.irishtimes.com/business/financial-services/small-firms-and-farms-at-risk-over-loans-sold-to-vulture-funds-watchdog-says-1.3436573 Ruth Coppinger you wagon :eek:
Shefwedfan wrote: » Stop listening to Ruth Coppinger and her crowd of gobsh*ts
Shefwedfan wrote: » Explain? Based on a lot of comments people have no idea what a vulture fund is and anything something happens in Ireland the finger is pointed in the vulture fund direction.... It's a load of propaganda sh*t with nothing to back it up
rongeremy wrote: » OH FFS :cool:
Shefwedfan wrote: » People really don't know what a vulture fund is do they?????Stop listening to Ruth Coppinger and her crowd of gobsh*ts
Nijmegen wrote: » I just don’t get why folks call it a “vulture fund”.... MDY owners got greedy during the boom, like many, and decided to dabble in land speculation alongside their strong core business. Years later they can’t service the debt and it gets called in by whomever owns the loan. If you have a loan on a firm, pushing them to receivership is not a great solution if you can get 100% of your money out of them by just being patient. But I digress. Sorry to hear about all the folks left hanging by this. Builders in many estates at the moment I know of where friends are moving in are pushing out and pushing out completion dates. One senses the old days of contractors working too many sites might be at play in the background. Obviously here not the case, but one hopes it doesn’t affect folks trying to get in with the new building contractor in play atop the MDY situation.
rongeremy wrote: » The stories in fairness are varied and all contained in here:https://www.independent.ie/irish-news/courts/company-building-hundreds-of-social-homes-insolvent-37339535.html Specifically the one I heard in person is covered by this one: "and due to historic debts caused by its decision in 2006 to acquire certain development sites." I believe from what I was told that those loans were called in by a vulture fund - could be completely rubbish but certainly sounds plausible.
Shefwedfan wrote: » The stories that come out..... Nothing to do with vulture fund. MDY won a contract, but they messed up the price and got it 5 million out, no wonder they won it :-) .......they went back trying to get the 5 million but it was contract so couldnt get out of it..... They packed up because they owed the sub contractors a load of money, so instead of paying out they go bankrupt, paying the director of course first, and then the sub contractoris left to pick the bones and try and get a few quid
rongeremy wrote: » Yep this is correct. I know of a family who sold in Tyrrelstown and signed contracts on a new house that is built and was due for completion last month. They don't know yet when they will get access to the house because the roads around it are not complete to any degree. Crazy carry on. Apparently MDY's previous debt was called in by a Vulture fund so the events of 10 years ago are still causing a hangover today.
Regency, the development managers of Hollywoodrath, have advised that they were informed that an examiner had been appointed to MDY Construction Ltd., who were the building contractor previously on site in Hollywoodrath. Regency then made a decision to appoint a new building contractor to complete the construction programme on site in order to minimise any delay to the completion of construction on site. The new building contractor is in the process of reviewing MDY’s previous building schedule and will submit their updated completion timeline’s for all the remaining units in the next 10 days. We do not anticipate the completion timeline for your unit should be affected as it was proposed for a February / March completion date but the units sold previously with completion dates before the end of the year may need to be altered. I will let you know if there are any further updates provided for your house in the coming weeks.
Nijmegen wrote: » There's a few high end, small number developments going on out that way. This 750k development for example a little further out past Kilbride. Nicer to see than single houses on big plots, in one sense. Country living, housing estate life...?
rongeremy wrote: » Reckon they'll be high end houses.
Hurrache wrote: » They're still only doing ground works, it'll be a while before they go on the market I'd say.
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