This operation was huge, here is a money laundering factory from Dublin to Kerry caught 2020.
Heres another bit of reading linking the Dublin gang to the Sinola cartel.
Kerry has been used as a money laundering hub threw networking of gangs. So for anyone who thinks this stops only at McDonnell are naive.
I wonder we're assets frozen and this was the only way to continue.
As for continued supply of goods and services. They've no hope.
Typo.....meant Mexican.
Is NMcD still listed as a company director on each of the entities? It's public record so will take a look when I get a chance but absolutely bizarre if the other directors havent resigned him from every single one yet.
Sounds like the centre won't last long more anyway going on the supply issue. If be surprised if any staff working there haven't dusted off their CVs at this point. I feel sorry for the staff but tbh the sooner that place is gone from the community the better. I really wonder how people think they will get away with this stuff when it reality 99% end up dead or in prison of they are lucky eventually.
Will the staff even get paid with the transfer. I'm assume they work a week or month in arrears.
It sounds like their accounts have been frozen and the only way they can continue is to do so under a new company. They certainly had money in the bank to pay these suppliers before all this kicked off so either somebody drained it or CAB have frozen it. Suppliers would be absolutely crazy to offer them any credit going forward as when CAB are finished it’s very likely they will seize all the assets onsite, leaving the new company unviable.
staff payments are always protected.
By switching overnight to smaash burger ltd with proper legal oversight in relation to fixtures, fittings, stock, cash etc, this is a legal minefield for whoever decided to do this. If smaash burger pay staff for last week, then all creditors can claim payment.
They've been poorly advised and such actions usually see suppliers withdraw from supplying the new set-up
What makes Smaash Burger Ltd different though. has that not got Nathan all over it.
Smaash Burger Ltd isn't tied to the scene of the crime I guess, not directly anyway as far as we know...
A year of weekends socializing with Nathan would be too much champagne and dinner, he was good company, flash yet very cagey.
A weekend socializing with James would be kicking some randoms head in.
Both are culpable but one is a person that even his friends consider an unstable violent psycho.
Rumour is that the Sheriff was sent in, he was there on Monday and has the power to sieze assetts, maybe Revenue are involved and are owed a large sum
Its a sh*t show at this stage! No way they can run a business now!
If it's the Revenue that sent in the sherriff the debt will have been owed for a long time prior to February, and that may well be the same case for any creditors if it's got to the County Sherriff taking action.
I wonder where is Dairygold Co-op in all this ?
Do/Did they have an involvement in the building in Limerick and Cork
I assumed that Ballyseedy only had a contract to operate the cafes in the two places?
Why would DG be involved?
They were never too fast to pay people at the best of times.
I suppose people knew they were always good for it before ,diferent story now ,I'd say it would be c.o.d. T&C from now on
I'd say 'from now on' will be very short lived indeed
I wonder if the concession stores like Meadows & Byrne have decided what to do as it's pretty obvious that they wouldn't want to be associated with Ballyseedy despite no one having been proven innocent or guilty of any crime yet. The rumours and the arrest would be enough to kick them into pulling out for the sake of their reputation.
They could already be gone for all I know.
Totally unsubstantiated and almost certainly false.
It's simply not how it works.
The letter from group CFO Salome McDonnell also states that they will not be in a position to pay all of their suppliers.
".... and sincerely apologise for any inconvenience caused."
I imagine a company not being paid is more than a mere "inconvenience"
Sure that's a death knell letter, we'll buy off you but we don't expect to be able to pay all of ye, roll the dice.
This will be a significant economic hit to Kerry.
If they were in that much hock to the suppliers they probably couldn't have continued for much longer even without the arrest and pending court case.
Telling suppliers that they can retrieve stock doesn't help the suppliers either, as if foodstuffs ingredients etc are what the suppliers have on the premises they're probably not resaleable and wouldn't cover nearly as much as is owed for the stuff that's already been used in the restaurant.
It all seems like an opportune moment to pull the plug on a company that was already heading down the toilet
Number of suppliers impacted by inability of drug-accused's Kerry firm to pay bills (irishexaminer.com)
Sheriff is involved whether sent by Revenue or another Creditor, I do not know
So, how does it work ??
You cannot just close one company and open another the following day, Was a Creditors meeting called or has a liquidator been appointed to Ballyseedy Restaurant Ltd, who are the shareholders, there are many questions regarding the Companys behaviour
They didn't open another company the next day, Smaash Burger Ltd was already in existence, and of course they've got to go through the legal motions of winding up Ballyseedy Restaurant Ltd, which as you say can't be done in a day. What they did do in a day was to cease trading, but the company still exists.
If the same suppliers that are owed money by Ballyseedy Restaurant Ltd also supply Smaash Burger Ltd, then Smaash Burger will have to source whatever they need from different suppliers, and that's if any suppliers want to risk it. The changes seem like a desparate throw of the dice.
Revenue could send in sheriff if Nov/Dec vat remained unpaid. But it's highly unlikely as its only 5 weeks overdue. Usually they would not do anything for 8 weeks and a final warning.
Revenue don't get involved into rights/wrongs of phoenix companies - that an odce matter.
A creditor would need to initiate liquidation proceedings but they run the the risk of costs.
I'm not saying the sheriff didn't call, but it's unlikely
It's hard to know what is going on as we have limited information but we know they transferred staff from the old company to the other company... and the old company has told its ceditors that they won't be paid... BUT what has happened the assets in the old company.
If Smaash Burger is using stock, machinery, builings or any other assets that were on the books under Ballyseedy Restaurant Ltd... then there's going to be an issue. Those assets are required to repay Creditors in Ballyseedy Restaurant Ltd. Smaash Burger can't just benefit from using/selling them.
Drove past Smaash Burger, and it (unsprisingly) looked very quiet for a Friday night.
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