70 homeowners in Dundalk risk losing their homes today

70 homeowners in Dundalk are at risk of losing their homes today.

Ross Maguire of New Beginning has revealed that the debt resolution group are presenting 70 people from the town in home repossession cases today.

The cases will go before the courts, who may well grant banks the opportunity to evict people from their homes, thus allowing them to repossess the properties.

As well as the 70 repossession cases from Dundalk, New Beginning will also be representing homeowners in Cork (49), Roscommon (83), Waterford (45) and Tullamore (65).

New Beginning to host Dundalk debt clinic on Monday

New Beginning will host a clinic in Dundalk on Monday giving people a chance to come and meeting with a qualified debt professional in your area.

The event in the Imperial Hotel runs from 9am to 4pm and will provide you with invaluable advice on how to rid yourself of debt.

For the one time special rate of €75, including VAT, you will receive the following:

• Full professional assessment of your financial situation
• Explanation of the options available to you
• Information on how to access the options available to you
• A summary report provided after your meeting.

You can book an appointment here or call 01 5240000 or email info@newbeginning.ie for more information.

Hardy reaches settlement with Criminal Assets Bureau

Local man Leonard Hardy, who is currently in custody in Spain for allegedly being involved in money laundering, has reached settlement here for almost €500,000 with the Criminal Assets Bureau (CAB).

The convicted IRA member and his wife, Donna Maguire, were both arrested by the Spanish authorities in the Canaries last week, following an investigation into the laundering of millions of euro netted from alleged trafficking in counterfeit cigarettes.

Maguire has since been released but Hardy remained in custody as of last night, according to a report in today’s Irish Independent.

The two were part of a Provisional IRA unit that had been active on mainland Europe in the late 1980s and early 1990s and were subsequently convicted of terrorist offences. They currently live in Mountpleasant, just outside Dundalk.

Hardy was on a bureau “hit” list of 240 figures, who include their prime targets for the coming year.

Last July, Hardy was fined €10,000 in Dublin Circuit Court for tax irregularities after the bureau sent a file to the Director of Public Prosecutions.

He was also served with a tax bill for more than €500,000 by the bureau. But he has since reached a settlement for slightly less than that figure and has started paying off his tax debt.

Senator Mullen calls for extension of property tax deadline

Rónán Mullen

Senator Rónán Mullen, Independent candidate for Europe in the Midlands-North-West constituency of which Louth is a part of, has called on the Government to extend the deadline of 31st March for people to bring their local property tax affairs up to date.

Commenting on the fact that the Revenue intends to initiate a nationwide ‘compliance’ programme in April for those who have not entered into arrangements for the payment of their 2014 property tax by the end of this month, Senator Mullen called for the government to exercise compassion towards those who, through difficult financial circumstances have failed to make provision for payment of their property tax to date.

Senator Mullen said: “It is a credit to the people of Louth that the latest reported property tax compliance rates for the county are so high, given the difficulties that a lot of families find themselves in this year.  However, for those who have not yet made arrangements to deal with the payment of their property tax, it is important that the Revenue show understanding of their circumstances. Extending the deadline for another three months to 30th June 2014 would demonstrate such understanding.”

While acknowledging that a payment deferral programme exists for some, Senator Mullen said that many of those who are silently struggling because of large mortgage and other debt simply won’t qualify for deferral under the current guidelines.

“Families around Ireland are struggling to meet their basic daily needs and Government must acknowledge and make provision for this,” Senator Mullen concluded.

Those who have questions or queries about their property tax liability or want to find out whether they can qualify for deferral of the tax can telephone the Revenue Local Property Tax helpline on 1890 200 255

Car dealer McCabe fails to prevent fast-tracking of €16m judgement against him

Patrick McCabe’s former garage in Ardee, which was closed in July

A car dealer in his 70s who ran garage businesses in Louth for over four decades has lost a bid to prevent the fast-tracking of a bank’s application for a €16 million summary judgment against him on grounds that he has limited reading and writing skills.

Patrick McCabe was “at the helm” of the McCabe garage business in Drogheda and Ardee for the last 40 years and Irish Bank Resolution Corporation did not accept that his claim of poor literacy prevented the bank’s proceedings against him and others being fast-tracked in the Commercial Court, Cian Ferriter, senior counsel, for the bank, said.

It had never previously been suggested that Mr McCabe had any impediment in his business dealings with the bank, counsel added.

An accountant for Mr McCabe had told IBRC the dealer was also involved with the National Assets Management Agency and had an “overall exposure” of about €100 million, an IBRC official said in an affidavit. IBRC was told various properties owned by Mr McCabe and his companies were not worth €10 million combined, she said.

Mr Justice Kelly said Mr McCabe had been described as “illiterate” but that did not appear to be the case as the court had been told he could read, albeit at a much slower pace than most people, and he had also signed documents during his many years in business, and an affidavit.

The judge also rejected arguments of culpable delay by IBRC in bringing the court proceedings such as to deny it the entitlement to avail of the Commercial Court’s fast-track procedures.

In the circumstances, the judge agreed to transfer to the Commercial Court list the bank’s case brought against Mr McCabe and his wife Alicia, of Blakestown, Ardee, Co Louth, and three companies – McCabe’s of Ardee Ltd, McCabe’s Garage (Drogheda) Ltd and McCabe’s Garage (Ardee) Ltd. The last company was placed in voluntary liquidation in October but its nominated liquidator was later, after IBRC took court proceedings, replaced by a nominee of the bank.

The judge adjourned the matter to Monday, when the defendants must outline the nature of any defence they wish to advance.

IBRC argued it had engaged since 2010 in negotiations with the defendants and their agents to try to achieve a commercial resolution to the debts. It said it was ultimately not possible to reach agreement on proposals for debt reduction and the disposal of properties owned mainly by either the couple or some of the McCabe companies, including some 160 acres surrounding the couple’s farm at Blakestown.

Demands for repayment were made last July and, when the demands were not met, receivers were appointed over various properties and the proceedings were initiated, the bank said.

Earlier, Mr Ferriter said IBRC had resolved matters with another defendant, John McCabe, a businessman and son of the couple, and was not proceeding against him.

The former McCabe’s Toyota Garage at The Glebe, Ardee, went on the market last October with estate agents DTZ Sherry FitzGerald for €1.56m.

Source: The Irish Times

New Beginning seminar on debt in Dundalk tomorrow

New Beginning will be holding a free seminar in Dundalk tomorrow on the topic of ‘Dealing with Debt’.

The group, comprised mainly of lawyers, will outline to those in attendance all of the options available to them including personal insolvency and bankruptcy.

The seminar, which will be held in the Crowne Plaza Hotel from 7pm to 9pm, will cover topics such as:

• How to engage and negotiate with your lender
• The options available – what is being offered by the banks as solutions, what is not being offered!
• How Personal Insolvency works
• What is Bankruptcy and how does it work

There will also be a Q&A session afterwards.

Admission is free but places are limited so people are asked to register by calling 01-8719499 or emailing seminar@newbeginning.ie with their name and contact details.

Jim Corr reaches settlement with ACC Bank

The Commercial Court has been told that a settlement has been reached between Dundalk musician Jim Corr and ACC Bank in relation to a judgment against the musician of €1.4m.

The bank secured the judgment in February 2011, after debts arose following the collapse of an investment business partnership involving Mr Corr.

He had claimed it was unfair that the bank was pursuing him for all the debt, when he had been involved in a partnership with two other men.

In cross-examination in May, lawyers for ACC accused Mr Corr of selling a property in order to put it out of reach of the bank.

The musician was due to face further questioning this morning, but the Commercial Court was told agreement had been reached between the parties.

Lawyers for the bank said the parties had had a “useful engagement” since the last hearing in May, and that details of an “agreement in principle” would be brought before the court this afternoon.