Good luck to justice minister Alan Shatter when he has to justify the still-harsh bankruptcy regime that will come into effect when the Minister eventually decides on a so-called “Establishment Day” for the new Personal Insolvency Act which was signed by President Higgins on 26th December 2012. The Insolvency Service recently informed this blog
“The Personal Insolvency Act has been signed into law and will be the subject of commencement orders which shall be made by the Minister. It is envisaged that Establishment Day and associated sections of the Act will come into force shortly.”
The reason the new regime might be difficult to justify is that sources like this blog will be a constant reminder of the NAMA developers who tipped over to the UK, got their bankruptcy over and done with in 12 months, and are back in business whilst Irish bankrupts will still be in year one of a three-year bankruptcy.
Last Sunday, Gavin Daly in the Sunday Times – not available online without a subscription – reported on the latest NAMA bankrupt. 57-year old Pat Shine whose Irish address is given as 4 The Courtyard, Corman Hall Road, Sandyford, Dublin 18 was declared bankrupt in Birmingham, England on 19th December 2012. He is set to emerge from bankruptcy on the one-year anniversary on 19th December 2013. His British address is given as Apartment 31, 36 Ryland Street, Birmingham B16 8DB.
Pat was behind Ardawn and Cova, and NAMA has in the past year – see here and here – appointed receivers to a slew of the group companies, most of which were ventures with NCB Stockbrokers.
Pat’s bankruptcy brings to 21 , the number recorded on here, though that might be an underestimate. Only one of the 21 bankruptcies, that of Tom McFeely, has been reversed and NAMA says it is neutral on the jurisdiction in which developers declare themselves bankrupt. Martin Doran, of Ellen Construction fame, is still showing as having his discharge from bankruptcy indefinitely suspended.
