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Waterford developer freed from debts in New York

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  • 15-07-2014 10:47am
    #1
    Luckycharms_74
    Registered Users Posts: 6,609 ✭✭✭


    Waterford developer freed from debts in New York

    Former property developer Darryl Kavanagh discharged from $23m of debts

    http://www.irishtimes.com/business/sectors/commercial-property/waterford-developer-freed-from-debts-in-new-york-1.1866177

    The system is fcuked up.

    He was spotted going down the river suir this morning on his boat screaming "USA USA USA" at passers by .

    A New York State court has discharged $23 million (€17m) of debts due by a Waterford property developer and publican owner allowing him to walk free from US bankruptcy.

    Just over six months after filing for bankruptcy, Darryl Kavanagh (47) was granted a discharge by the United States Bankruptcy Court for the Western District of New York in Buffalo near his home in Orchard Park, upstate New York.

    The New York court notified creditors, including the Nama, Bank of Ireland, Danske Bank and Certus (which manages former Bank of Scotland (Ireland) loans) that Mr Kavanagh had been discharged by an order of the court on June 5th, 2014.
    Pub and nightclub

    Mr Kavanagh owned Harvey’s Bar in Waterford and Mantra nightclub in Maynooth. Bank of Scotland (Ireland) appointed a receiver to the club in 2011.

    The discharge means creditors are prohibited from making “any attempt to collect from the debtor a debt that has been discharged”. They also can not contact him about his former debts.

    Mr Kavanagh listed debts of $9.5 million to Bank of Scotland (Ireland) and $8 million to Nama through property development-related debt acquired by the State loans agency from Bank of Ireland.

    He owed a $2 million to Danske Bank arising from borrowings on two industrial units near Waterford airport.
    Holiday homes

    Mr Kavanagh’s bankruptcy trustee Thomas Gaffney received court approval to recoup for creditors any funds recovered from a claim against Irish Life and an individual, Declan Walsh, for the alleged theft of a $162,000 pension fund in late 2012 held at Sheffs Limited, the company behind the Maynooth nightclub, court records show.

    Among assets worth almost $4.7 million Mr Kavanagh listed in his bankruptcy statements were 12 holiday homes in Dunmore East.

    He lived in Maypark Lane, Waterford, until May 2013 when he moved to Orchard Park, near the Canadian border, where he is sales director for Irish company Ellickson Beverage Systems.

    Like fellow Irish property developer Sean Dunne and former Anglo Irish Bank chief executive David Drumm, Mr Kavanagh sought protection from creditors under chapter 7 of the US bankruptcy code, though his exit from bankruptcy was far simpler than his fellow US-based bankrupts whose discharges have been challenged by creditors.


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    #2
    bmc58
    Registered Users Posts: 2,804 ✭✭✭bmc58


    If you owe the Bank or Credit Union 5,000e you're in big trouble.
    If you owe the Bank or CU 50 mil euro you get let off.
    Great for some.What a system we have.


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    #3
    Marchandire
    Registered Users Posts: 137 ✭✭Marchandire


    So, in effect, the people of Waterford City are going to pay off 8 million Euro of Mr. Kavanagh's debt. I understand that the tax burden is broadly spread, but essentially that money will come out of our pockets over time.

    Things are so bad in our city economically as it is, now this?


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    #4
    rasper
    Registered Users Posts: 795 ✭✭✭rasper


    aint the first . wont be last


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    #5
    cookie.monster
    Registered Users Posts: 425 ✭✭cookie.monster


    the yanks have the cheek to complain about our "tax loophole"!!!! it seems they have a bankruptcy loophole that needs plugging!!


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    #6
    Max Powers
    Registered Users Posts: 3,510 ✭✭✭Max Powers


    Marchandire wrote: »
    So, in effect, the people of Waterford City are going to pay off 8 million Euro of Mr. Kavanagh's debt. I understand that the tax burden is broadly spread, but essentially that money will come out of our pockets over time.

    Things are so bad in our city economically as it is, now this?

    no, i dont think the people of Waterford will be paying 8mill, if anyone, its his creditors will have to take loss. I find these posts (OP) a bit of old-Irish pointing with delight at the fallen, many businesses have hit the wall, overstretched or whatever you like.
    Bankruptcy is just that, no different basically from what happens here and in UK, its just quicker and easier away from Ireland, would we all not do the same thing, course we would, but we all fancy being judge and executioner now. anyone who goes bankrupt will have their assets assessed and taken from them, what more do you want. I dont see any mention of him doing dodgy things like transferring assets to cayman islands, family members etc, course we wouldnt do something like that either if we had the chance to do such a thing like numerous other well know Irish business people have done.
    my view is, if they havent done any of that dodgy transferring of assets we should be welcoming these people back and helping them to start again, provide jobs etc.


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    #7
    martin12
    Registered Users Posts: 162 ✭✭martin12


    The title should read

    Waterford (Zippo Lighter) developer freed from debts in New York lol


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    #8
    The Bowling Alley
    Registered Users Posts: 370 ✭✭The Bowling Alley


    Max Powers wrote: »
    no, i dont think the people of Waterford will be paying 8mill, if anyone, its his creditors will have to take loss. I find these posts (OP) a bit of old-Irish pointing with delight at the fallen, many businesses have hit the wall, overstretched or whatever you like.
    Bankruptcy is just that, no different basically from what happens here and in UK, its just quicker and easier away from Ireland, would we all not do the same thing, course we would, but we all fancy being judge and executioner now. anyone who goes bankrupt will have their assets assessed and taken from them, what more do you want. I dont see any mention of him doing dodgy things like transferring assets to cayman islands, family members etc, course we wouldnt do something like that either if we had the chance to do such a thing like numerous other well know Irish business people have done.
    my view is, if they havent done any of that dodgy transferring of assets we should be welcoming these people back and helping them to start again, provide jobs etc.

    That's a little hard to stomach tbh. When this guy was in ireland he got involved in tit for tat fights with so many people and splashed the cash just to give himself multiple ego boosts. He's another of these guys that was born into money and didn't know how to respect it and those around him.

    If people are late with a repayment of 20 quid in this country they are hounded and made to feel like a criminal ... This guy, with a penchant for a good time, ran up debts in the millions by acting the big man and now he has been given an escape clause, while the rest of ireland continue to struggle.

    And then you have the likes of Harry Crosbie who is no better than the degenerate that you see in paddy powers day after day except instead of spending his money on dogs and horses he was investing millions into yahoo and AIB. Degenerate gambling of the highest order. But another escape clause is never too far away.


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    #9
    giles lynchwood
    Registered Users Posts: 935 ✭✭✭giles lynchwood


    ^^^^ everybody loves a good time,and if you think you would not do the same thing in that position then you are fooling no one but yourself


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    #10
    Max Powers
    Registered Users Posts: 3,510 ✭✭✭Max Powers


    The Bowling Alley wrote: »
    That's a little hard to stomach tbh. When this guy was in ireland he got involved in tit for tat fights with so many people and splashed the cash just to give himself multiple ego boosts. He's another of these guys that was born into money and didn't know how to respect it and those around him.

    If people are late with a repayment of 20 quid in this country they are hounded and made to feel like a criminal ... This guy, with a penchant for a good time, ran up debts in the millions by acting the big man and now he has been given an escape clause, while the rest of ireland continue to struggle.

    And then you have the likes of Harry Crosbie who is no better than the degenerate that you see in paddy powers day after day except instead of spending his money on dogs and horses he was investing millions into yahoo and AIB. Degenerate gambling of the highest order. But another escape clause is never too far away.

    i certainly think there is an element of jealousy and personality involved in the past and delight at look how far they have fallen, 'splashed the cash', who cares, fair play to him if he wants to spend his money like a drunken sailor, the banks should/will go after him and he will pay all that he is reasonably/legally forced to pay, same rules for all of us. no one is saying the rules are a bit bent but thats the way legally it is, and as well as that, i cant pay you if i dont have it. I just cant get away from Irish people's joy at seeing those with a lifestyle that we may have coveted in the past, getting taken down a few notches.


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    #11
    wellboytoo
    Closed Accounts Posts: 2,081 ✭✭✭wellboytoo


    The Bowling Alley wrote: »
    That's a little hard to stomach tbh. When this guy was in ireland he got involved in tit for tat fights with so many people and splashed the cash just to give himself multiple ego boosts. He's another of these guys that was born into money and didn't know how to respect it and those around him.

    If people are late with a repayment of 20 quid in this country they are hounded and made to feel like a criminal ... This guy, with a penchant for a good time, ran up debts in the millions by acting the big man and now he has been given an escape clause, while the rest of ireland continue to struggle.

    And then you have the likes of Harry Crosbie who is no better than the degenerate that you see in paddy powers day after day except instead of spending his money on dogs and horses he was investing millions into yahoo and AIB. Degenerate gambling of the highest order. But another escape clause is never too far away.

    You obviously never knew his Dad if you think he was born into money!

    Do you seriously think he and his Family suffered no pain in the last 6 years watching everything he built being pulled off him, having to move to a foreign country to start again, having ever keyboard warrior with a perceived grudge cutting the quare things off him daily on FB?

    Give me a break, if it walks like a duck quacks like a duck it's probably a duck.
    Sounds like begrudgery to me!

    PS I am one of his creditors.


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    #12
    The Bowling Alley
    Registered Users Posts: 370 ✭✭The Bowling Alley


    giles lynchwood wrote: »
    ^^^^ everybody loves a good time,and if you think you would not do the same thing in that position then you are fooling no one but yourself

    We'll have to agree to disagree on that one.


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