WEALTH
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.
Tag: Insolvency
VOLUNTARY STRIKE OFF
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 & BANKRUPTCY LAW
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.
CELTIC BOOKMAKERS
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.
YO, HO, BLOODY HO…
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.
INSOLVENCY COSTS
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.
DAVID DRUMM
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).
INSOLVENCIES
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.
PERSONAL DEBT
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
HOTEL CLOSURES
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.”
AVALANCHE OF COMPANY FAILURES CONTINUES
“More Than 2,000 Irish Companies Set To Fail This Year.” It is the sort of headline that once might have appeared on the front page of the Sunday Business Post but space for bad business news is at such a premium these days, it only made page six of last weekend’s edition. As what it called the “deep malaise” in the property and retail sectors spread to all areas of the economy, the Business Post carried a report from accountancy firm FGS which predicted a new record of company failures in 2010. The number of firms that will go into liquidation, receivership and examinership will rise by more than 500 on last year – the rate of insolvencies is increasing by 8 per cent a quarter and there is no sign of it slowing down.