You're right on all counts, it's up to you too prove your money/assets are from legal means.
https://www.cab.ie/#:~:text=Under%20the%20Proceeds%20of%20Crime,as%20non%2DConviction%20Based%20Forfeiture.
Under the Proceeds of Crime Act, 1996 to 2016 the Bureau can freeze and seize assets which it shows to the High Court are the proceeds of criminal conduct. This is done on the civil standard of proof which is known internationally as non-Conviction Based Forfeiture.
I'd say cab profilers have quadrupled in Kerry just because of this whole seedy affair.
I'm not sure actually. The cafe I think.
I dont think CAB need a conviction to investigate possible wrong doing, they can also slap a tax bill on you if they feel you have been living beyond your declared means.
For the cafe or garden centre?
I've heard they are not honouring vouchers anymore.
Ah yes I was thinking of vouchers for the restaurant as opposed to the actual garden centre bit. I wouldn't think of buying vouchers in that bit but have with the cafe vouchers.
It was the restaurant operating company that has ceased. The main garden centre is trading as normal - for now.
Job losses are seldom if ever good news! It is not all restaurant jobs there, plus seasonal tourist work is no replacement for full time work.
@JVince Is it not already too late for vouchers if they are from the now non operating company?
If the post at the top of this page is an accurate account of the working environment it says a lot. They couldn't delete a comment on a personal page 😛
Facebook
They probably built up credibility and got extended terms and it's probably the more local suppliers that gave better terms.
I would absolutely be rushing to use vouchers asap if I had them as I suspect they won't survive.
Yep, easy on Facebook to both delete a comment and ban that person from the page.
Frankly it all stinks and the behaviour of ballyseedy in the aftermath shows they don't deserve any support as they've stuck two fingers up to many local suppliers.
Will both of them have to be convicted of drug trafficking before CAB is able to start it's work then
So if the restaurant closes and the staff lose their jobs, won't that mean lots of trained people looking fir work? This should be good news for Tralee, lots of hiring going on with the big start of Tourist season soon.
Will they be allowed sell it before CAB have gone through it with a fine tooth comb though?
Of course we don't know which companies own what, so it's anyone's guess as to what assets are on the B.R. Ltd' balance sheet, or on the balance sheets of any of the other related companies. It's a pity that the information isn't freely available like it is with companies in the UK. 😛
If the Examiner article is true about suppliers being owed thousands there must have been extended credit taken, and the suppliers had to tolerate the situation thinking that they'd get paid eventually. This time "eventually" isn't on the cards.
Number of suppliers impacted by inability of drug-accused's Kerry firm to pay bills (irishexaminer.com)
The bit in the article mentions the hundreds of people leaving messages of support on social media, but I think they're the messages that don't get deleted. I mentioned one earlier on where someone posted "You don't pay your bills" and that was deleted almost immediately.
In many cases where a restaurant or cafe is within another premises, the equipment is owned by the primary premises and just the operation of the restaurant/ cafe is done by the leasee.
And supply wise, a cafe/restaurant would keep very little food in stock. Most would have 2/3 deliveries a week.
Similarly, most suppliers would have a weekly direct debit (some might be monthly), so the amount owed to suppliers might not be huge and in that case they will probably deal again, but on a cash in delivery basis or personal guarantee.
But considering this will be newsworthy for months, I suspect it will be sold fairly quickly and a new name over the door. I reckon Horkans will be looking - this would protect jobs and cut all ties with the family.
Those people working in the restaurant at Ballyseedy, and now employed by Smaash Burger, will be using every restaurant item on site until the big day when liquidation kicks off. In the meantime they'll still need supplies (good luck getting any) if the restaurant business doesn't dry up through lack of customers. Some customers will be sticking up for the suppliers and how they've been treated and will boycott the place.
It's either going to be a voluntary winding up triggered by Ballyseedy Restaurant Ltd, or an involuntary winding up initiated by the creditors. Not knowing what the balance sheet looks like it's impossible to guess what any of the creditors will get.
I hope all the employees are searching hard for new jobs so they can get away from the mess that they weren't responsible for.
A bit of distancing going on
https://www.radiokerry.ie/news/race-horse-syndicate-says-nathan-mcdonnell-no-longer-a-member-372455
Drove past Smaash Burger, and it (unsprisingly) looked very quiet for a Friday night.
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.
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
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.
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
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
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.
I imagine a company not being paid is more than a mere "inconvenience"
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."
Totally unsubstantiated and almost certainly false.
It's simply not how it works.
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.
I'd say 'from now on' will be very short lived indeed
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
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