EP Mooney is Back!

cvisser · 16-12-2009 12:00PM #1

http://www.independent.ie/national-news/dealer-makes-swift-return-to-forecourt-1976555.html

unkel · 16-12-2009 12:20PM

The first green shoot in the Irish car industry? Let's hope so.

Downside is that we'll all be driving 1 litre Hyundais next year

agent_smith · 16-12-2009 01:45PM

This is fantastic news. Pure speculation but I wonder what the other two car makes are .... my money is on honda and nissan (obvious probably).

bazzachazza · 16-12-2009 01:48PM

On Monday, the High Court made formal winding-up orders for the EP Mooney dealership.

Ms Justice Mary Laffoy confirmed accountant Paul McCann as provisional liquidator to the company, which has debts of €22m

Talk about starting under a cloud though.

flanzer · 16-12-2009 02:00PM

bazzachazza wrote: »

Talk about starting under a cloud though.

Happens all the time I'm afraid.

Company goes bust stinging the taxman and/or creditors, company director gets banned from being a director for a number of years, the following day he/she sets up again with a family member as the director, and Bob's your aunt.

Happened quite a bit to my Dad in the 80s, getting stung left right and centre from debtors. Still happens 20/30 years later unfortunately

Cookie_Monster · 16-12-2009 02:01PM

Thats pretty dodgy, no?

Leave one company with €22m debt and just setup another doing the exact same line of business.

It would not surprise me in the slighest to see this new venture end the same way sooner or later

R.O.R · 16-12-2009 02:04PM

agent_smith wrote: »

This is fantastic news. Pure speculation but I wonder what the other two car makes are .... my money is on honda and nissan (obvious probably).

Hope it's Volvo, hope it's Volvo, hope it's Volvo.

Have a good few Volvo's on our fleet and it's miles to either Spirit or HB Dennis.

Guy:Incognito · 16-12-2009 02:04PM

Cookie_Monster wrote: »

Thats pretty dodgy, no?

Leave one company with €22m debt and just setup another doing the exact same line of business.

It would not surprise me in the slighest to see this new venture end the same way sooner or later

Thats what I was thinking. If a builder did it (any many have, which is one of the main reasons I'm out of work) they'd be getting abused.

Having said that I dont know the full facts but if it is that then I cant see why it should be encouraged.

TomMc · 16-12-2009 02:25PM

Many other businesses/trades have to be licensed or regulated, I think it is time something was done to stop this practice of running a business into huge debt through mismanagement, going bust, leaving a trail of destruction and then setting up afresh. While I haven't much sympathy for the banks (although we the taxpayer and general public pay the price), what about smaller suppliers in business. It is despicable to let them have to suffer the consequences for the failure of others. Total arrogance.

Jody S · 16-12-2009 07:58PM

I think that's great news,my family has been buying cars off them for years,my dad drove Bluebirds & Laurels in the 80's that he bought off the father Ernie & since then I have bought from them as have my brothers,sister & the in laws,not one of them has a bad word to say about them & we where all very sad to hear that they where closing.A friend of my brother had been working there for well over 10 years & he was upset not for his job but for the fact that the family business had been lost, I think that says alot about the Mooney family as to how they treated their staff.

Before people start complaining they should consider the amount of people that have lost there jobs,who now face getting up in the morning & having nothing to do all day & not earning money & having to claim off the state.

Mooneys should be applauded for creating employments & getting people off the labour,saving the state money & contributing to the exchequer.

Its great that they will be creating employment again in the local area.Well Done EP Mooney.

Big Nasty · 16-12-2009 08:24PM

I am glad to see them back, I am glad 30 people will have jobs again but I still feel it's not right that someone can walk away from a €22m debt and just start over. I mean it was a limited company, fair enough but he obviously has quiet a few bob in a bank somewhere if he can afford to start over. What about the various suppliers that were left high and dry?

Many will say, ah fair play to him getting back up on the horse, but put it like this - what if it was a building company that left you in the **** and were back a couple of weeks later building houses down the road? I can't see too many people applauding that!

Kersh · 16-12-2009 08:27PM

Does this mean my Dads company will get the money that is owed to him by EP Mooneys?? :mad: :mad: :mad: Money that it needs to pay his rent on his premises.

If they arent obliged to pay then this whole country is a disgrace. An absolute disgrace.

old geezer · 16-12-2009 08:42PM

acording to the paper today the biggest loser is his own property company that was supporting the garages 14 or 15 million of the 22million

I've been dealing with them for years they are honest people.

Kersh · 16-12-2009 08:45PM

Then as a gesture of goodwill and to help prevent my fathers company going under ask him to pay his bill. If he is that honest. These ppl should be made accountable, running up debts, shutting up shop and reopening. Hope the place burns down, and costs him all his money.

Damien360 · 16-12-2009 08:48PM

Kersh wrote: »

Does this mean my Dads company will get the money that is owed to him by EP Mooneys?? :mad: :mad: :mad: Money that it needs to pay his rent on his premises.

If they arent obliged to pay then this whole country is a disgrace. An absolute disgrace.

They are not obliged. The liquidator will sell the stock and make as much as possible for the largest creditors. Once they get their pound of flesh the remainder will be shared around to the rest. Typically a few cent for every pound owed. Therefore if you are owed a 1000 expect to get 100 if you are lucky.

This goes on in Ireland and the UK all the time. Once it is a limited liability company, the director cannot be chased for the debt from his personal fortune. A large gapping loophole for many, many years. Should your Dad go bust because of unpaid debts he can avail of this also. And the debt spirals down to his creditors.

Kersh · 16-12-2009 08:52PM

He pays his bills, and keeps his company in check. Unlike most af the fat ar*eholes at the top of this country, and at the top of business in this country.

My father is not mismanaging his company running up huge debts then leaving everyone in the lurch. He is managing it properly. But it will end up shutting cos of fuks like this guy :mad::mad::mad:

I hope this EP mooney venture is boycotted to the end and shuts.

McGrath5 · 16-12-2009 08:52PM

Suppose its good to hear about the workers will now be re-employed in the new company. I was talking to Padraic himself there a few weeks ago, seemed like a decent enough guy.

jimmycrackcorm · 16-12-2009 08:52PM

To be fair to dealers, they were pressured by the manufacturers to invest a lot of money in the showrooms or lose their dealerships.

Damien360 · 16-12-2009 08:57PM

jimmycrackcorm wrote: »

To be fair to dealers, they were pressured by the manufacturers to invest a lot of money in the showrooms or lose their dealerships.

That is continually peddled out as an excuse. Surely these same manufacturers were forcing the UK and European dealers to do the same. Have they seen the same level of debt ?

Have we too many dealers for the size of the country and therefore they do not see enough turnover to warrant the glass palace ?

cvisser · 16-12-2009 09:00PM

Irish Times had an Interview with Paraic.

http://www.irishtimes.com/newspaper/motors/2009/1216/1224260751966.html

L1011 · 16-12-2009 09:08PM

R.O.R wrote: »

Hope it's Volvo, hope it's Volvo, hope it's Volvo.

I'm pleading for Fiat as the other one, I'm running out of places I'll trust with my car!

Big Nasty · 16-12-2009 09:17PM

Property Portfolio worth €130 million 3 years back will still be worth €80-€90m today. I don't think it's fair that they shut up shop and let their creditors suffer when a small part of this portfolio could have been liquidised. He could then have shut up shop 'honestly' if he chose as opposed to walking away, screwing his suppliers and reopening practically the next week as P.E. Mooney or whatever! Ok the property business was a different business but it was fed by the motor trade in the first place so should have compensated for their motoring division when it got in the ****, again he still had the option to balance the books fairly and walk away if he wanted. I am glad there are 30 people back in a job but I still don't think this practice is fair, even if the law says so.

crosstownk · 16-12-2009 09:22PM

I pass by the place every morning and yesterday I noticed that the forecourt had a stock of new Hyundais..........

fryup · 16-12-2009 09:36PM

Kersh wrote: »

My father is not mismanaging his company running up huge debts then leaving everyone in the lurch. He is managing it properly. But it will end up shutting cos of fuks like this guy :mad::mad::mad:

And what line of business is your father in?? if you don't mind me asking

And how is it related to Mr Mooney??

Big Nasty · 16-12-2009 09:37PM

fryup wrote: »

And what line of business is your father in?? if you don't mind me asking

And how is it related to Mr Mooney??

We can't really go down that road in fairness!

Kersh · 16-12-2009 10:07PM

And what line of business is your father in?? if you don't mind me asking

And how is it related to Mr Mooney??

That has nothing to do with it. But obviously its motor trade related. And EP Mooneys owe him money. In my opinion I would advise anyone doing work for or supplying parts to, this guy, to seriously consider it, or get paid upfront.

voteforpedro · 16-12-2009 10:12PM

sorry for my ignorance but what is there left to liquidate if he has set up shop again?

100% unfair to all the creditors involved!!!!

iWillBeReborn · 16-12-2009 10:21PM

It is rather sickening but that is just the way it goes.

I know a few people in the industry and it is not just dealers having a hard time. Loads of staff have been let go at various importers/distributors too.

And it is only going to get a whole lot of worse next year too.

MCMLXXV wrote: »

Property Portfolio worth €130 million 3 years back will still be worth €80-€90m today. I don't think it's fair that they shut up shop and let their creditors suffer when a small part of this portfolio could have been liquidised.

I'd say the banks own all that in reality. Selling any of it off would just have been giving the money back to the bank it was borrowed off.

iWillBeReborn · 16-12-2009 10:24PM

voteforpedro wrote: »

sorry for my ignorance but what is there left to liquidate if he has set up shop again?

100% unfair to all the creditors involved!!!!

http://www.eauctions.ie/pages/currentsales/ep-mooney-in-liquidation.php

16-12-2009 10:28PM

http://www.odce.ie/en/functions_insolvency.aspx
If you feel the directors have broken the law complain to the office of director of corporate enforcement.

If the directors have done nothing wrong I don't see why they shouldn't be allowed go back into the business they know.

Drummerboy08 · 16-12-2009 10:29PM

The big question is, who in their right mind will buy a car from a dealer who has just risen from the ashes of bankruptcy?

Would you buy a car from a dealer if you were not sure if they'll be around to honour their warranty (used cars only)?

Would you service your car in a dealer that you think may or may not go bust again? Go through the hardship of getting your car back?

What financial institutions will even look at them for credit? We find it hard after 40 years of impeccable credit history! Imagine a dealer who has just gone bust and re-registered under a different name looking for a loan?

Its a big ask to be honest. Pat White seems to be going well, but he's downgraded to a significantly smaller and cheaper premises. He also has a small amount of very saleable stock. EP Mooney's has a yard full of Hyundai's at the minute. Nobody bought them in the good times (Santa fe's and Coupes aside, especially since most were bought on finance thats not available anymore), who in their right mind will buy one now??!

TBH, I think he should have let the sleeping dog lie. It may create 30 jobs now, but they could just be easily let go again in a few months if metal isnt being shifted.

EP Mooney is Back!

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