Is this a justifiable judgement?

Disillusioned democrat

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I know this has been brought up on other threads, but I think this is so bizarre it deserves a bit of forensic assessment


I have to admit I didn't realise Teresa Lowe was a barrister - so I assume she's either REALLY good or was very well connected, but I don't understand from anything I've read on this how they have been granted a write-off.

Does anyone have an insight into why this is a justifiable judgement?
 


SamsonS

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I know this has been brought up on other threads, but I think this is so bizarre it deserves a bit of forensic assessment


I have to admit I didn't realise Teresa Lowe was a barrister - so I assume she's either REALLY good or was very well connected, but I don't understand from anything I've read on this how they have been granted a write-off.

Does anyone have an insight into why this is a justifiable judgement?

Little I know of it , but it normally applies to debts upto 3m. From the link, the lender was not in agreement, so in these cases goes to the courts to decide. I remember some years ago Financial institutions had a veto and this was overturned in 2015 or so.

Don't know enough about the couple , other than former celebs, but would hazard a guess that a very large mortgage was taken out in different times, and that their earning power now is nothing like it was at the time.
 

Sync

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If you read the article (Which you haven't) it actually explains in detail why the judgement came about.

In his decision last August, the judge noted that if the couple were to become bankrupt Tanager would realise 22 cents in the Euro, whereas under the proposed arrangement it would receive 27 cents in the Euro.

Unsecured creditors would likely recover 3.3 cents in the Euro, while under the proposed arrangement they will recover 5 cents in the Euro.
 

james toney

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The two tier society at play once again.
 

artfoley56

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legally yes, morally, no
 

artfoley56

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artfoley56

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Why is that an issue, if they were bankrupt and the house sold, the bank would get less money
The house is worth 550k, there's an inheritance plus 5 acres which adds up to more than 27 cent in the euro
 

cobhguy

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The house is worth 550k, there's an inheritance plus 5 acres which adds up to more than 27 cent in the euro
They owe millions, the land and cash will go towards their debts. The can keep the house but they will be paying a mortgage for the next 20 years on it.
 

Orbit v2

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The house is worth 550k, there's an inheritance plus 5 acres which adds up to more than 27 cent in the euro
So, why is the inheritance out of the picture in the bankruptcy situation? It sounds like the only asset recoverable in bankruptcy is the house. How were they able to borrow 3 million secured on a house worth 500K also? Sounds well dodge to me.
 

brughahaha

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Maybe its a fair judging in keeping with normal practice ...but you cant help feeling their celebrity status and her position as a barrister made the Judge very benign towards them .
The Judge was very forgiving about the omission of the inheritance when seeking insolvency.

Given Im of the opinion that the Irish legal system is rotten to the core (and the black beating heart of all that is wrong with the country) and more interested in patronage and self enrichment Im obviously disposed towards seeing bias.
 

artfoley56

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So, why is the inheritance out of the picture in the bankruptcy situation? It sounds like the only asset recoverable in bankruptcy is the house. How were they able to borrow 3 million secured on a house worth 500K also? Sounds well dodge to me.
I'm including it in the bankruptcy. You'd be surprised how much you can borrow as an RTE name. Sure didn't Gerry Ryan have multiple mortgages on his clontarf house
 

Orbit v2

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I'm including it in the bankruptcy. You'd be surprised how much you can borrow as an RTE name. Sure didn't Gerry Ryan have multiple mortgages on his clontarf house
Legally, I don't quite get that. A mortgage is a legal hold on a property. It doesn't make sense for multiple banks to have a legal charge over a property. How would they decide who has precedence? Now, it's possible for people to fraudulently obtain multiple mortgages on the same property. Not saying that happened here, but it definitely happened in some cases, and maybe in the case of celebrity borrowers, a blind eye was turned. Who knows?
 

brughahaha

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Legally, I don't quite get that. A mortgage is a legal hold on a property. It doesn't make sense for multiple banks to have a legal charge over a property. How would they decide who has precedence? Now, it's possible for people to fraudulently obtain multiple mortgages on the same property. Not saying that happened here, but it definitely happened in some cases, and maybe in the case of celebrity borrowers, a blind eye was turned. Who knows?
I would imagine as values rose in the boom , mortgages were taken out on the value of the increased equity , and possibly increased incomes
 

Conor_Myers

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I know this has been brought up on other threads, but I think this is so bizarre it deserves a bit of forensic assessment


I have to admit I didn't realise Teresa Lowe was a barrister - so I assume she's either REALLY good or was very well connected, but I don't understand from anything I've read on this how they have been granted a write-off.

Does anyone have an insight into why this is a justifiable judgement?
She was an active prolifer in the referendum capaign so she gets an "Unwoke" pass from me. Go Girl!.
 

Uganda

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I'm including it in the bankruptcy. You'd be surprised how much you can borrow as an RTE name. Sure didn't Gerry Ryan have multiple mortgages on his clontarf house
Not to talk about all the restaurants he “borrowed” from
 


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