The Internet and new technologies are making some people vast fortunes – in Ireland too. In the Sunday Independent’s latest Rich List, many of the 40 new entrants have made their money in the tech sector.
Posts Tagged ‘Insolvency’
The Companies Registration Office in Dublin have just announced proposed changes to their Voluntary Strike Off procedure, which are due to take effect from 1st May, reports Sean Kavanagh of CFI.
Fine Gael will overhaul bankruptcy laws to establish a more flexible approach to personal and corporate debt similar to the one operating in Northern Ireland, The Sunday Business Post reports.
The truism that there’s no such thing as a poor bookie was sorely tested last week with the demise of Celtic Bookmakers, which went bust with debts of €6m. According to a report in The Sunday Business Post, former government minister Ivan Yates’ operation is unlikely to be the last chain to fail in a shrinking economy awash with betting shops.
If any Machiavellian spin doctor had bad tidings to announce, this would have been the week to get them out there. The media preoccupation with the possible ramifications of the government’s four-year austerity measures and the likely impending bailout left little room for other business stories in the Sunday broadsheets.
The days of the €800 an hour insolvency practitioner working on realising some residual value from property assets could be numbered. A deal with a UK firm brokered last week could bring the Irish to heel, The Sunday Tribune reports.
In newspaper parlance, the “get” of the week is The Sunday Independent interview with former Anglo Irish Bank chief David Drumm, who filed for bankruptcy in Massachusetts last week. Normally the chances of anyone in this position granting an interview is slim to none (just ask Charlie Bird after his unsuccessful attempt to doorstep Mr Drumm at his Cape Cod mansion earlier this year).
Corporate insolvencies could rise by 30% to more than 2,000 this year and personal insolvencies could “explode” this year according to Business Pro, the publisher of Stubbs Gazette.
Households who turned to the Money and Budgeting Advice Service (MABs) for help in February owed €53m to creditors – an average of €14,990 a household, The Sunday Times reports.
Around 83% of debt is owed to banks and credit unions and 47% of MABs
A NAMA source has told The Sunday Tribune that the asset management agency could close down hotels under its watch if they aren’t making enough money.
NAMA is taking over €800 million in loans secured against Irish hotels and the NAMA source told the Tribune that “it may be better for some hotels to shut rather than draining developers’ resources.”