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Excellent judgement in Stokes case.

Baron von Biffo

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Judgment in Stokes case to go to ODCE - The Irish Times - Thu, Jan 21, 2010

It's about time someone challenged companies using tax money as their own. I've argued the point in this forum and I'm delighted to see the High Court acting on it.

"The judge said it was “high time” accountants abandoned what Mr Wyse had told him was their “normal” convention to treat as “working capital” for companies monies due to the Revenue but wrongfully retained by companies, as had happened here. That accountancy convention “effectively gave a respectability” to the “misuse” of Revenue monies."

Bravo Judge Kelly.
 


yehbut_nobut

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“There must come a time when companies that have flouted the obligations of company law, revenue law and their obligations to employees should not be allowed to call in aid the very legislation they have ignored so as to save the enterprise.”
Indeed. Bravo.
 

hammer

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My question is how come the Revenue missed what was going on

Bang Cafe - substantial Revenue debt
The Residence - Revenue debt €1.2 million
Clarendon Pub - Revenue debt €1.2 million approx

Wakey wakey
 

hammer

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Which means absolutely nothing unfortunately.

The Revenue will get exactly €0 of the €2.4 million +, that they failed to collect
 

yehbut_nobut

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My question is how come the Revenue missed what was going on

Bang Cafe - substantial Revenue debt
The Residence - Revenue debt €1.2 million
Clarendon Pub - Revenue debt €1.2 million approx

Wakey wakey

50 TO WATCH IN 2008 - www.carterbeauty.com:
CHRISTIAN AND SIMON STOKES THE Stokes brothers' plans for 2008 include the opening of their private members' club, The Residence, at St Stephen's Green in Dublin, in a building that will be physically linked to their ever-popular Bang Cafe.
Given the circles these two young men about town move in, the Residence is likely to attract the capital's most beautiful people.
Another new restaurant is planned for Merrion Row, handily around the corner from their father Geoff 's Unicorn and a stone's throw
At a guess, I'd say that might have something to do with it.
 

Dunlin3

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Jan 31, 2009
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Yes the Judge called it correctly. Other businesses that are paying their taxes and VAT are stuggling while these guys were looking for court protection. Lets just hope that the Office of Corporate Enforcement takes the appropriate action and promptly.
 

hammer

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The Residence will stay in business with new directors and the Stokes boys will more than likely be "employed" on the €1,000 per week that they told the examiner they would cut their wages to...........
 

hammer

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Yes the Judge called it correctly. Other businesses that are paying their taxes and VAT are stuggling while these guys were looking for court protection. Lets just hope that the Office of Corporate Enforcement takes the appropriate action and promptly.
Correct.

DOCE - appropriate action, NOT a chance.
 

yehbut_nobut

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hammer

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50 TO WATCH IN 2008 - www.carterbeauty.com:
At a guess, I'd say that might have something to do with it.
I like this one :)

LIAM CARROLL AND MICHAEL SKEHAN CARROLL'S Tallaght Cross development is home to two new hotels . . . the 186-bedroom Tallaght Cross Hotel due to open early in 2008 and the smaller Glashaus, which is already open. Both are managed by Michael Skehan (pictured), formerly of The Tower in Waterford and The Talbot in Carlow.
Positioned right beside the Luas, the two hotels look set to be popular with budgetconscious visitors who don't relish the prospect of driving in the city. :p :p
 

Dunlin3

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Correct.

DOCE - appropriate action, NOT a chance.
That's why I used the word hope! I don't have much expectation I'm afraid. If the Office of Corpoarte Enforcement do their job correctly then these guys should be facing criminal charges for tax evasion.
 

Mushroom

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It sure was!

"The couple had €12m in debt written off in exchange for a one-off payment of €145,000, under the terms of the scheme."

Only in Ireland could someone negotiate a deal whereby by paying a mere 1.2% of a debt the remaining 98.8% can promptly be made to disappear. A good trick - hats off to the magician.
 

devoutcapitalist

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It sure was!

"The couple had €12m in debt written off in exchange for a one-off payment of €145,000, under the terms of the scheme."

Only in Ireland could someone negotiate a deal whereby by paying a mere 1.2% of a debt the remaining 98.8% can promptly be made to disappear. A good trick - hats off to the magician.
They get to hold onto their home as well when the sale proceeds from a forced property sale could have gone towards paying off some of their creditors.
 

Ireland is Different!

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We DONT kick families out of their homes in Ireland...we are a civilised people who allow the magic fairy called 'General Taxation' to cover the costs of such generous schemes
 

gijoe

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They get to hold onto their home as well when the sale proceeds from a forced property sale could have gone towards paying off some of their creditors.
Have to say I think this stinks to high heaven. How do they keep a €800k property that presumably a part of a personal guarantee? At VERY best they should only be given say €150k to get themselves a one bed apartment in outer Dublin with the rest going to the creditors.
 


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