Bankrupt Solicitors deseve to keep their houses says Jim Stafford

LaGlisse · 09-09-2013 09:51PM #1

Drivetime tonight with mary wilson , go to 1HR 21 mins 50 secs
http://www.rte.ie/radio/radioplayer/rteradioweb.html#!rii=9%3A10195316%3A83%3A09%2D09%2D2013%3A

One of the newly qualified Personal insolvency planners who will be negotiating with banks on behalf of busted gamblers says that " a professional (and he specifically mentions a solicitor) should be allowed keep a palatial house as this befits his/her standing in society and sends out the signal to neighbours and clients about who they are, thus allowing them to continue to earn a living.
They need a bigger house than a PAYE worker.
Really, said Mary Wilson, even if they are insolvent.
Yes said Jim...the bigger house is in line with their standing in society and he will argue this point with the insolvency board as being a totally legitimate viewpoint."
Saw this on propertypin
words fail me
Unleash Hell

Mike 1972 · 09-09-2013 10:05PM

LaGlisse wrote: »

They need a bigger house than a PAYE worker..

Are Solicitors exempt from PAYE

minidazzler · 09-09-2013 10:07PM

All viewpoints are legitimate, some are just way more stupid than others and being viewed from a distorted lens.

kfk · 09-09-2013 10:08PM

Mike 1972 wrote: »

Are Solicitors exempt from PAYE

They are if they are self employed

MadsL · 09-09-2013 10:08PM

I don't even...the....errm. What?

Ronin247 · 09-09-2013 10:11PM

Another layer of gobsh*tes added to the mess

Almaviva · 09-09-2013 10:13PM

LaGlisse wrote: »

Drivetime tonight with mary wilson , go to 1HR 21 mins 50 secs
http://www.rte.ie/radio/radioplayer/rteradioweb.html#!rii=9%3A10195316%3A83%3A09%2D09%2D2013%3A

" a professional (and he specifically mentions a solicitor) should be allowed keep a palatial house as this befits his/her standing in society and sends out the signal to neighbours and clients about who they are

But that would send out a signal about who they are not. They are insolvent. Is he not advocating fraud ?

D!armu!d · 09-09-2013 10:16PM

LaGlisse wrote: »

...a professional (and he specifically mentions a solicitor) should be allowed keep a palatial house as this befits his/her standing in society ...They need a bigger house than a PAYE worker.

Thought this had to be a wind-up 'til I clicked on the RTE link.

After listening to the clip, I wonder which are the banks he says are amenable to doing these deals - leaving their golden circle buddies in their palatial homes while putting the boot into "PAYE workers"?
Surely not the ones we bailed out that have 'public interest' directors???

thisonetaken · 09-09-2013 10:40PM

people may laugh, but solicitors are going through a really tough time at the moment, I've just donated 200 euro to the solicitors without yachts foundation, its not much but its all I got

Fiery mutant · 09-09-2013 10:59PM

Nothing surprises me in this country anymore. The lunatics really do run the asylum.

Sir Digby Chicken Caesar · 09-09-2013 11:01PM

someone talking ****e in an effort to get a better deal for someone they're representing?

no ****ing way

dxhound2005 · 09-09-2013 11:04PM

Last week on the same programme Pearse Doherty said that people should be allowed to have €6000 savings set aside for their children's education and not to have that touched to pay their mortgage.

MadsL · 09-09-2013 11:06PM

dxhound2005 wrote: »

Last week on the same programme Pearse Doherty said that people should be allowed to have €6000 savings set aside for their children's education and not to have that touched to pay their mortgage.

How else would one pay for Fintan's polo lessons?

oppenheimer1 · 09-09-2013 11:07PM

The PIP works on behalf of the insolvent, its their job to ensure that their client gets the best deal out of the process. Its the same as a barrister defending a criminal.

The argument that a hospital consultant or solicitor needs a trophy house as opposed to a PAYE worker is laughable and no creditor would ever agree to it. The idea that anyone would even suggest it undermines their own credibility.

woodoo · 09-09-2013 11:11PM

That's quite a scary viewpoint for someone in his position. We really do have some loopers in this country.. and the worst part of it is they are often in high places.

ezra_pound · 09-09-2013 11:18PM

oppenheimer1 wrote: »

The PIP works on behalf of the insolvent, its their job to ensure that their client gets the best deal out of the process. Its the same as a barrister defending a criminal.

The argument that a hospital consultant or solicitor needs a trophy house as opposed to a PAYE worker is laughable and no creditor would ever agree to it. The idea that anyone would even suggest it undermines their own credibility.

When you say trophy house, do you mean one like Pat's?

SpaceTime · 09-09-2013 11:20PM

Class system in full view!

Quite stomach churning really

oppenheimer1 · 09-09-2013 11:22PM

ezra_pound wrote: »

When you say trophy house, do you mean one like Pat's?

Yes

LaGlisse · 09-09-2013 11:25PM

from politics.ie : transcript of the relevant portion of the interview

Mary Wilson (reading a listener email): What happens to my home if I enter into a PIA?

Jim Stafford: Well, under the legislation the PIP is to try and keep the family in their family home if at all possible. The PIP will have to assess the existing mortgage on the family home, if it's a modest house, if it's a trophy house.

In practice, the PIP will also have to assess the type of house that might be needed for a professional person such as a solicitor, accountant or a hospital consultant as opposed to a house that's needed by someone who is in the PAYE sector for example, so that, as a PIP, I would be making a very strong case, for example, that a solicitor should have a bigger house that accords with his professional status in society so that his neighbours and clients can see that, yes, this person is a good solicitor who's is living in a good house etc. etc.

MW: Really?

JS: Absolutely. The same as for hospital consultants, people like that

MW: Despite the fact that he's insolvent?

JS: Despite the fact that he's insolvent, because remember, if we want the solicitor to continue to earn money or the accountant or the hospital consultant it's important that he has his tools of trade for example

MW: Well, he may need an office, but he hardly needs a palatial house in South County Dublin

JS: Believe me, the clients who we have on our books are insisting they continue to stay in their palatial houses, now, it's possible that some of them might have to down trade, but that all goes into the pot and at the end of the day the banks, the creditors have to agree to that process.

Sickening

dxhound2005 · 09-09-2013 11:28PM

I remember there was a great deal of support for the Kellys from Killiney when they were evicted from their 5 bedroom house. Including from those in the Occupy movement and CAHWT. Have times changed?

Dord · 10-09-2013 12:51AM

LaGlisse wrote: »

Drivetime tonight with mary wilson , go to 1HR 21 mins 50 secs
http://www.rte.ie/radio/radioplayer/rteradioweb.html#!rii=9%3A10195316%3A83%3A09%2D09%2D2013%3A

One of the newly qualified Personal insolvency planners who will be negotiating with banks on behalf of busted gamblers says that " a professional (and he specifically mentions a solicitor) should be allowed keep a palatial house as this befits his/her standing in society and sends out the signal to neighbours and clients about who they are, thus allowing them to continue to earn a living.
They need a bigger house than a PAYE worker.
Really, said Mary Wilson, even if they are insolvent.
Yes said Jim...the bigger house is in line with their standing in society and he will argue this point with the insolvency board as being a totally legitimate viewpoint."
Saw this on propertypin
words fail me
Unleash Hell

All animals are equal, but some are more equal than others.

Sir Humphrey Appleby · 10-09-2013 08:09AM

Wow but what a change of tune from Jim Stafford.
He wasn't that understanding when he was routinely acting as the official liquidator for the self same banks!:mad:

Roger_007 · 10-09-2013 08:17AM

LaGlisse wrote: »

from politics.ie : transcript of the relevant portion of the interview

Mary Wilson (reading a listener email): What happens to my home if I enter into a PIA?

Jim Stafford: Well, under the legislation the PIP is to try and keep the family in their family home if at all possible. The PIP will have to assess the existing mortgage on the family home, if it's a modest house, if it's a trophy house.

In practice, the PIP will also have to assess the type of house that might be needed for a professional person such as a solicitor, accountant or a hospital consultant as opposed to a house that's needed by someone who is in the PAYE sector for example, so that, as a PIP, I would be making a very strong case, for example, that a solicitor should have a bigger house that accords with his professional status in society so that his neighbours and clients can see that, yes, this person is a good solicitor who's is living in a good house etc. etc.

MW: Really?

JS: Absolutely. The same as for hospital consultants, people like that

MW: Despite the fact that he's insolvent?

JS: Despite the fact that he's insolvent, because remember, if we want the solicitor to continue to earn money or the accountant or the hospital consultant it's important that he has his tools of trade for example

MW: Well, he may need an office, but he hardly needs a palatial house in South County Dublin

JS: Believe me, the clients who we have on our books are insisting they continue to stay in their palatial houses, now, it's possible that some of them might have to down trade, but that all goes into the pot and at the end of the day the banks, the creditors have to agree to that process.

Sickening

I have just finished fixing the hole in the floor where my jaw hit it after I read this. :mad:

michael999999 · 10-09-2013 08:21AM

woodoo wrote: »

That's quite a scary viewpoint for someone in his position. We really do have some loopers in this country.. and the worst part of it is they are often in high places.

What's even scarier is these same loopers were probably the same people telling folk to invest in more property in the bertie fraud that was the celtic tiger!

Ray Palmer · 10-09-2013 11:02AM

Does nobody see the point being made?

I am not saying I agree but I can kind of see the point.

BeerWolf · 10-09-2013 11:06AM

The elite remain the elite while they sit on the backs of the common folk.

Pappa Charlie · 10-09-2013 11:14AM

It seems like we have just set up a quango to protect the mighty who have fallen!

Ray Palmer · 10-09-2013 11:14AM

BeerWolf wrote: »

The elite remain the elite while they sit on the backs of the common folk.

Anybody getting debit forgiveness is having it paid by tax payers. The people who pay the most tax still remain to be the higher paid. So it is really not off the common folk. That is just the reality

wexie · 10-09-2013 11:17AM

Ray Palmer wrote: »

Does nobody see the point being made?

I am not saying I agree but I can kind of see the point.

What point would that be?

Personally if I was looking for a sollicitor I'd quite like to know whether or not he'd been declared bankrupt and not be fooled by him still living in a big house.

And where do you draw the line? Should he get to keep his Jag and his Rolex as well? What about the private school for the kids? Couldn't be having people thinking he can't afford the private school anymore now could we?

What about the holidays, should he still get to go on holidays? Gotta keep up the front after all :rolleyes:

munchkin_utd · 10-09-2013 11:18AM

Ray Palmer wrote: »

Does nobody see the point being made?

I am not saying I agree but I can kind of see the point.

yup, if its an "investment" in the person to allow them to repay their loans, then it can be logically explained.

I'd still have it only as an interim arrangement with the house down for automatic repossession 5years down the line should they not be keeping up payments.

wexie · 10-09-2013 11:20AM

munchkin_utd wrote: »

yup, if its an "investment" in the person to allow them to repay their loans, then it can be logically explained.

errr....no it can't....

explained....maybe
logically explained.....not by any standard of logic I've ever heard of.

Bankrupt Solicitors deseve to keep their houses says Jim Stafford

Comments