Due to so-called “drafting difficulties” we will not now get to see the text of the new Personal Insolvency bill until June this year, six months after it was supposed to have been published according to the IMF/EU bailout agreement. With less than 20 bankruptcies per annum in the Republic of Ireland with the existing draconian laws, it will be interesting to see if there is a rush to take advantage of what are expected to be more lenient rules. Meanwhile in Belfast, the BBC reports that another NAMA developer has been declared bankrupt. County Antrim’s Alastair Jackson is probably most associated with Eassda and had quite a number of developments on this side of the Border including the Moyvalley hotel and golf resort in Kildare and the New Forest golf club in Westmeath and a number of residential developments including the Gleann Riada estate in Longford.
The list of bankrupt NAMA developers grows longer and now includes Ray and Danny Grehan, Tom McFeely, John Fleming and Patrick Fitzpatrick. NAMA is seemingly still pursuing Corkman John Fleming who was discharged from bankruptcy last November and is trying to secure an income attachment order and is also reportedly considering pursuing his €500,000 pension pot.
NAMA Wine Lake 
How come the pension is outside.
@Vince, in Ireland the pension can be seized as part of a bankruptcy. In the UK, generally it can’t though a recent ruling which is likely to be appealed says that in some cases it can. There is a separate issue reported with John Fleming’s pension which is only worth a fairly modest sum for a man in his 60s, and that is whether or not there is a requirement to transfer an Irish pension to an “recognised” UK provider in order to be entitled to UK protection of your pension.
I wonder is there any chance of us just shifting the whole DoF to Belfast/London for a few months and then declaring the whole Republic bankrupt in the UK altogether.
Just as America owes most of its prejudices to the exaggerated religious opinions of the different sects which were instrumental in establishing the colonies, NAMA’s actions are governed by the experiences of Frank Daly.
Everyone is a prisoner of their own experiences. No one can eliminate those experiences – all they can do is recognise them and make an adjustment in the knowledge that that is the baggage they carry. Few people (and Frank is not one of them) are capable of expressing with equanimity opinions which differ from their prejudices. Frank is one who seems incapable of forming such opinions. His experiences as a debt collector for the Revenue Commissioners govern the vindictive but impotent actions of NAMA, pursuing already bust developers and borrowers to bankruptcy for the amusement of the media and the public.
Bankruptcy is a serious decision for anyone – one that should not be taken lightly – but it enables people to make a fresh start. Not just certain people, but all those suffering unbearable financial burdens, whether or not they are of their own making.
NAMA uses it because it represents the testicles of Frank’s mind. It demonstrates the prejudices of his experiences.
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