Tag: Property

TREASURY HOLDINGS

Written by David on March 15, 2010. Posted in News Round up.

The pin-up of many a middle-aged male fantasy, Johnny Ronan, is reportedly fleeing the country for a few months in a bid to take the heat off his ailing business, Treasury Holdings.

Ronan, 55, has been in the full glare of the headlines since his ex-girlfriend and high-profile model Glenda Gilson went ape about a boozy weekend trip on board his private jet to Morocco in the company of former Miss World Rosanna Davison.

According to The Sunday Independent, the colourful Ronan sat down last week with top PR firm Murray Consultants and he heeded their (probably very expensive) advice to ‘get out of Dodge’.

Gossip columns aside, Ronan is facing far bigger headaches. Billions of euro owed by Treasury will be among the first destined for Nama and the company is deeply embroiled in the Dublin docklands, on which a scathing government report is due shortly.

The company can’t afford any distractions while it is seeking fresh funding from its bankers.

It has also emerged a Treasury subsidiary owes its parent almost €400m. The Sunday Business Post reports accounts recently filed by the Spencer Dock Development Company include a note by directors to the effect the financial crisis was “creating difficulty in extending our banking facilities beyond 2010 and 2011”.

Perhaps Gilson’s comments to the Sindo about her relationship with Ronan could become a metaphor for the nation’s soured dalliance with big developers.

“I had the time of my life with Johnny at the start … after that, no”.

STAMP DUTY SCHEME A FAILURE

Written by David on March 1, 2010. Posted in News Round up.

A Government stamp duty trade-in initiative to kick-start the ailing housing market has turned out to be a monumental failure. Only one property developer has availed of the scheme announced by Finance Minister Brian Lenihan in the emergency Budget last April. Anyone who accepted a property in exchange or as part-payment for a new home could avail of a deferred stamp duty payment under the scheme. The builder would not be liable for stamp duty until the swapped or traded-in house or apartment was sold on, or until December 31, 2010, which ever came first.

My Nama Gets the Green Light

Written by David on February 21, 2010. Posted in News Round up.

In order to sell Nama to its membership last year, the Green Party came up with a plan to establish an expert group that would help people struggling with personal or mortgage debt. The intention was that the group would issue recommendations on measures to assist people in debt arrears within a matter of months. The plan, which the Green leadership dubbed “My Nama”, was included in the revised Programme for Government and it looks as if it is now about to get the green light.

The Envy of the World

Written by David on February 15, 2010. Posted in News Round up.

What would you do if you find yourself in a business sector that is going down the pan? Get into one that isn’t, of course. Prominent estate agent Ken MacDonald and mortgage broker Frank Conway are about to launch a debt mediation service for troubled borrowers, The Sunday Business Post reports.

For an introductory fee of €495 and a flat fee of €45 a month Credecare, which is expected to advertise for staff this week, will act as an intermediary between creditors and debtors who find themselves in financial trouble.

Ban on Upward Only Rent Reviews

Written by David on February 10, 2010. Posted in Legal Briefs.

Justice Minister Dermot Ahern has banned upward only rent review clauses in business leases. The banning order on upward only rent reviews will amend clauses under section 132 of the Land and Conveyancing Law reform Act. The section will come into operation on 28 February 2010. The ban will only apply to leases taken out after this date.

The Shelbourne Hotel

Written by David on February 7, 2010. Posted in News Round up.

Dublin’s swish Shelbourne Hotel is a financial black hole. Its owners, who include property developer Bernard McNamara and oil distributor John Sweeney, have ploughed €230m into it with little prospect of any return.

An independent accountants’ report seen by The Sunday Business Post show a consortium of high-flying investors have earned nothing from their investment so far and “there is no expectation at present that there will be any return of investment in this property, nor indeed a repayment of capital in the short term”.

The report compiled by Baker Tilly Ryan Glennon will play a key role in Sweeney’s petition for examinership, which is due to be heard in the High Court tomorrow (Monday, February 8).

The consortium of investors paid €120m for the hotel in 2004 and then pumped a further €120m into a total renovation of the Stephens’ Green landmark.