Two main lenders put receivers in Carroll firms to secure debts

[truthflyer]

More property developers to follow?

Article here: Two main lenders put receivers in Carroll firms to secure debts - Irish, Business - Independent.ie

[MsAnneThrope]

[COLOR="Red"]* bump *[/COLOR]

William O’Riordan of PricewaterhouseCoopers, the receiver appointed by AIB, has not been able to put a value on the site and the half-built office block it owns on North Wall Quay in Dublin.

The half-built building was to have been a new head office for Anglo Irish Bank, which was to have paid North Quay €101 million over the period of its lease. Anglo was funding the construction of the building.

In his first receiver’s abstract since his appointment, William O’Riordan of PricewaterhouseCoopers, has entered “not known” in the place where he should enter the estimated value of the site on North Wall Quay over which he has taken possession

And they're not the only receiver 'unable' to put a value on things:

Receivers Jim Luby and John McStay, of McStay Luby, Fenian Street, Dublin, were appointed to the same company at the same time by Anglo Irish Bank, on the basis of a charge created in April 2008.

In their abstract, also filed recently in the Companies Registration Office, they enter “not specified” when asked for the estimated value of the partially constructed building over which they have taken possession since their appointment.

Irish Times Wednesday 12th May 2010: Receivers cannot value Carroll North Wall sites

[truthflyer]

They are still coming to terms with the fact that they are worthless

[stanley]

Have they got stuck into his personal assets yet and transferring assets into the wife's and maybe family's name, doubt if Justice Kelly wants to see him again.