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A TOTAL OF 77 former property players in debt to the National Asset Management Agency have been declared bankrupt since the toxic loans agency was set up.
Finance Minister Michael Noonan said that the vast majority of the debtors that have gone down the bankruptcy route have done so in Britain and Northern Ireland, where 63 cases have been processed.
Two have been made bankrupt in the United States, with the remaining 12 going through the process in Ireland.
Just 44 debtors have managed to exit the process, all in Britain and Northern Ireland.
In a reply to Wicklow-East Carlow Independent TD Stephen Donnelly, Minister Noonan said that he is not currently aware of any debtors that have exited bankruptcy in Ireland or the US.
In a review of Nama’s operations by the Department of Finance published earlier this week, the Government flagged ‘debtor fatigue’ as a risk to Nama achieving its objectives.
“After a number of years working with Nama, debtors are seeking certainty regarding recourse and their ultimate exit from Nama.”
The longer the debtor resolution process extends, the more a debtor may feel that insolvency or bankruptcy may be a viable alternative to end their relationship with Nama more quickly.
Nama said that it is looking at ways to combat ‘debtor fatigue’, which it says could limit the amount it is ultimately able to recover from tranches of loans it has taken command of.
In response to a separate parliamentary question from Fianna Fail finance spokesman Michael McGrath, Noonan said that the bad bank has granted rate reductions to debtors and receivers with an annual value of €19 million.
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So I guess they won’t be chased for the original amount of their loans
We live in a society where the rich have laws implemented to serve their needs
Well considering that rich people make the laws, why would it be any other way?
It shouldn’t be any other way because of the Irish Constitution… believe it or not !
Banks Max Your Debt and Political Parties Max Your Tax.
…. people just leave their brains outside the polling booths.
It’s been largely a story of political dominance in the absence of choice ; that is changing now; People voted for a certain action to be taken and it wasn’t …that means they are looking around for alternatives !
Dont blame them for doing it in the UK. Anyone with sense would. Irish Bankruptcy laws still a joke.
Sure would u give up the range rover and have the neighbours talking. I totally agree with u
First thing this Government did on entering office was to give all developers up to 50% discounts on their debts and crucified the rest of us with stealth taxes and cuts.
I think a few developers got six-figure jobs as well … not saying under this government but they certainly weren’t fired.
I wonder if they turn up for work every mon. to fri. and what the conditions of employment are
Borrow €1000 and can’t pay it back it’s your problem,borrow €1,000,000 and can’t pay it back,it’s the banks problem !
Thats business….that’s the way it goes….the funny thing is how people curse the banks but with the same breathe curse the poor person on the corner begging or someone on welfare….
No Sean it’s the taxpayer’s problem only because Brian Cowen and then Enda said so !
How ya ryano!
Howya Coye, I haven’t been up to visit in a while and I meant to ask you ;
Are you going to Garth Brooks ?
and
Who do you think will win the World Cup?
I’ll be up one of the evenings for the answers.
Going bank for Irish people means you swear you have nothing left to pay creditors but plenty left to set up your family for a life of luxury. At the same time the bankers who play golf and socialise with their bankrupt friends continue to be highly paid with money from the Irish people. It’s immoral and NAMA need to start giving to the poor people who have seen their disability cut to facilitate these criminals.
Dreamer
The real question that needs to be asked is how many developers are paid by NAMA and how many of them are bankrupt?
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