Creditors still await Lynch payment

asmobhosca

http://www.clarechampion.ie/index.php?option=com_content&view=article&id=1469:creditors-await-lynch-payment&catid=63:business&Itemid=60

A NUMBER of small and medium enterprises who had to settle for a 90% write-off of debts owed by the Clare-based Lynch Hotel Group are still waiting for their accounts to be settled, it emerged this week.
A Clare Champion survey of creditors, owed varying amounts from a few hundred to a few hundred-thousand euro, revealed that some creditors only received 10% of outstanding debts recently, weeks after the High Court hammered out a deal under the Examinership process.............

Glad the company was saved but this is taking the piss....

finbarrk

A lot of people are pissed off over this. I know some that are even boycotting the West County.

golfball37

You can bet your life they still had money for "property investment" though.

dr.fuzzenstein

Any company that looks like it's in difficulties and owes money like that should have their accounts frozen and if it looks like the owner/general manager is about to do a runner they should be arrested until all their finances have been examined.
And a lot of business owners will bleed their business dry as soon as they know the business isn't doing so well.
In that case their personal finances should also be seized by the courts and used to pay off people who are being owed money.
This will not harm business, it will simply discourage greedy b*stards from bleeding the county dry for their own gain, since these people are leeches and benefit no one but themselves they won't be missed.

Instead all the laws in this country rewards exactly that kind of parasite.
So, if you run a business and you're honest and hardworking you will be punished.
But if you want to make dosh, here's how you do it:
Cut staff down to the bare bones, to the point where services are being affected and every time someone is off, everything goes into meltdown. Then cut another couple of jobs. Don't pay for overtime. Remember: If you care about good service and customer satisfaction, you are a sap, you need to care about profits and nothing else.
Take in any order that comes your way, even if you're already overstretched by 50%. Get them to pay in advance.
Keep raising your prices till you're the most expensive in Europe. Then blame everyone else but yourself and whinge you're barely making a living.
Don't invest any money whatsoever. New buildings and equipment cost money. And you want to hold on to as much of that as possible, don't you?
Do invest heavily in advertising, even though you have a half crippled company without the necessary staff to run it with obsolete and barely working machinery that's already way overstretched, you can always do with more, since they say "in business more is better and even more is even better", there simply is nothing else that's important.
So once you've bled your company dry by syphoning off all that money and bringing it safely abroad and you owe your staff, suppliers, debtors and landlords (if you're renting) more than your company could ever pay back in a hundred years, you open the scuttles and let that bitch sink.
Now everyone is burnt but you, you've drained possibly millions out of your home town and county, surely it's time to go on the run and enjoy your ill gotten gains on a beach in the Caribbean for the next while?
Oh no, you haven't understood the game yet!
You cry to be bailed out, so you're given money to save and completely rebuild your company and you start all over again!
Isn't Ireland neat? You can be the biggest thief and swindler in the country, you will be rewarded.
But God help you if you're an old age pensioner who didn't pay his TV licence.
You'll be in jail faster than prune juice can get through you.

NewApproach

dr.fuzzenstein wrote: »

Any company that looks like it's in difficulties and owes money like that should have their accounts frozen and if it looks like the owner/general manager is about to do a runner they should be arrested until all their finances have been examined.
And a lot of business owners will bleed their business dry as soon as they know the business isn't doing so well.
In that case their personal finances should also be seized by the courts and used to pay off people who are being owed money.
This will not harm business, it will simply discourage greedy b*stards from bleeding the county dry for their own gain, since these people are leeches and benefit no one but themselves they won't be missed.

Instead all the laws in this country rewards exactly that kind of parasite.
So, if you run a business and you're honest and hardworking you will be punished.
But if you want to make dosh, here's how you do it:
Cut staff down to the bare bones, to the point where services are being affected and every time someone is off, everything goes into meltdown. Then cut another couple of jobs. Don't pay for overtime. Remember: If you care about good service and customer satisfaction, you are a sap, you need to care about profits and nothing else.
Take in any order that comes your way, even if you're already overstretched by 50%. Get them to pay in advance.
Keep raising your prices till you're the most expensive in Europe. Then blame everyone else but yourself and whinge you're barely making a living.
Don't invest any money whatsoever. New buildings and equipment cost money. And you want to hold on to as much of that as possible, don't you?
Do invest heavily in advertising, even though you have a half crippled company without the necessary staff to run it with obsolete and barely working machinery that's already way overstretched, you can always do with more, since they say "in business more is better and even more is even better", there simply is nothing else that's important.
So once you've bled your company dry by syphoning off all that money and bringing it safely abroad and you owe your staff, suppliers, debtors and landlords (if you're renting) more than your company could ever pay back in a hundred years, you open the scuttles and let that bitch sink.
Now everyone is burnt but you, you've drained possibly millions out of your home town and county, surely it's time to go on the run and enjoy your ill gotten gains on a beach in the Caribbean for the next while?
Oh no, you haven't understood the game yet!
You cry to be bailed out, so you're given money to save and completely rebuild your company and you start all over again!
Isn't Ireland neat? You can be the biggest thief and swindler in the country, you will be rewarded.
But God help you if you're an old age pensioner who didn't pay his TV licence.
You'll be in jail faster than prune juice can get through you.

Would you do any different if you where in their shoes?

dr.fuzzenstein

NewApproach wrote: »

Would you do any different if you where in their shoes?

And cue one of the deepest recessions in Europe.
Do the Irish really want to be thought of as "better you than me?", "I'm alright Jack, don't fancy yours much" and so forth?
People who damage an economy in order to line their own pockets are of no use to anyone and should be jailed.

firesidechat

My,My,
When a dog is down we tend to kick him, don't we?
As it has been stated in the champion , some creditors have received payment, given time i'm sure so will the others.
When the economy was good it has to be said that Lynch builders were always known as one of the better outfits to pay their subcontractors on time. They have provided employment to many families in this town and county. They have overextended their borrowing capabilities, So have many other business's. Think of all the jobs to be lost if they do not trade their way out of this mess. Instead of knocking them we should be wishing them good luck.
Lynch hotel group have been responsable for bringing tourists and their money to ennis for years.

Eat'en bread is soon forgotten.

NewApproach

dr.fuzzenstein wrote: »

And cue one of the deepest recessions in Europe.
Do the Irish really want to be thought of as "better you than me?", "I'm alright Jack, don't fancy yours much" and so forth?
People who damage an economy in order to line their own pockets are of no use to anyone and should be jailed.

Its is not a private individuals job to stimulate the country's economy. You're being ridiculous.

Why do you think they should go to jail when they have done nothing illegal?

To be honest you posts just stink of the same left wing nonsensical bull**** you hear everywhere these days.

awanderer

firesidechat wrote: »

My,My,
When a dog is down we tend to kick him, don't we?
As it has been stated in the champion , some creditors have received payment, given time i'm sure so will the others.
When the economy was good it has to be said that Lynch builders were always known as one of the better outfits to pay their subcontractors on time. They have provided employment to many families in this town and county. They have overextended their borrowing capabilities, So have many other business's. Think of all the jobs to be lost if they do not trade their way out of this mess. Instead of knocking them we should be wishing them good luck.
Lynch hotel group have been responsable for bringing tourists and their money to ennis for years.

Eat'en bread is soon forgotten.

Are Lynch hotels really victims of the economic circumstances though ?

I was recently looking for a hotel for friends to stay in while in Clare. I decided to read Tripadvisor to select a few hotels to visit before they came and while most if not all other hotels seemed to have good reviews and I had to actually visit them to make a decision, Lynch Hotels had so many angry reviews that I didn't even bother to look at them.

If those reviews are anything to go by, I doubt Lynch hotels are an asset and help the local tourism.

Run_to_da_hills

awanderer wrote: »

Are Lynch hotels really victims of the economic circumstances though ?

I was recently looking for a hotel for friends to stay in while in Clare. I decided to read Tripadvisor to select a few hotels to visit before they came and while most if not all other hotels seemed to have good reviews and I had to actually visit them to make a decision, Lynch Hotels had so many angry reviews that I didn't even bother to look at them.

If those reviews are anything to go by, I doubt Lynch hotels are an asset and help the local tourism.

Much of Lunches accomodation is block leased out to the US Government for military and flight crew passing through Shannon so it is not just tourism that they make their living off.

Nevermind_

also 25 Euro for the feckin saw doctors, are they having a laugh?? :eek:

Run_to_da_hills

Nevermind_ wrote: »

also 25 Euro for the feckin saw doctors, are they having a laugh?? :eek:

And Lisa Lashes a few years ago, one of the best "Country & Western" bands that I have ever been to.