Hollywoodrath, Hollystown, Dublin 15

rongeremy

Yep this is correct. I know of a family who sold in Tyrrelstown and signed contracts on a new house that is built and was due for completion last month.


They don't know yet when they will get access to the house because the roads around it are not complete to any degree.


Crazy carry on. Apparently MDY's previous debt was called in by a Vulture fund so the events of 10 years ago are still causing a hangover today.

Shefwedfan

rongeremy wrote: »

Yep this is correct. I know of a family who sold in Tyrrelstown and signed contracts on a new house that is built and was due for completion last month.


They don't know yet when they will get access to the house because the roads around it are not complete to any degree.


Crazy carry on. Apparently MDY's previous debt was called in by a Vulture fund so the events of 10 years ago are still causing a hangover today.

The stories that come out.....


Nothing to do with vulture fund.


MDY won a contract, but they messed up the price and got it 5 million out, no wonder they won it :-) .......they went back trying to get the 5 million but it was contract so couldnt get out of it.....


They packed up because they owed the sub contractors a load of money, so instead of paying out they go bankrupt, paying the director of course first, and then the sub contractoris left to pick the bones and try and get a few quid

rongeremy

Shefwedfan wrote: »

The stories that come out.....


Nothing to do with vulture fund.


MDY won a contract, but they messed up the price and got it 5 million out, no wonder they won it :-) .......they went back trying to get the 5 million but it was contract so couldnt get out of it.....


They packed up because they owed the sub contractors a load of money, so instead of paying out they go bankrupt, paying the director of course first, and then the sub contractoris left to pick the bones and try and get a few quid

The stories in fairness are varied and all contained in here:


https://www.independent.ie/irish-news/courts/company-building-hundreds-of-social-homes-insolvent-37339535.html


Specifically the one I heard in person is covered by this one: "and due to historic debts caused by its decision in 2006 to acquire certain development sites."

I believe from what I was told that those loans were called in by a vulture fund - could be completely rubbish but certainly sounds plausible.

Nijmegen

rongeremy wrote: »

The stories in fairness are varied and all contained in here:


https://www.independent.ie/irish-news/courts/company-building-hundreds-of-social-homes-insolvent-37339535.html


Specifically the one I heard in person is covered by this one: "and due to historic debts caused by its decision in 2006 to acquire certain development sites."

I believe from what I was told that those loans were called in by a vulture fund - could be completely rubbish but certainly sounds plausible.

I just don’t get why folks call it a “vulture fund”.... MDY owners got greedy during the boom, like many, and decided to dabble in land speculation alongside their strong core business. Years later they can’t service the debt and it gets called in by whomever owns the loan. If you have a loan on a firm, pushing them to receivership is not a great solution if you can get 100% of your money out of them by just being patient.

But I digress. Sorry to hear about all the folks left hanging by this. Builders in many estates at the moment I know of where friends are moving in are pushing out and pushing out completion dates. One senses the old days of contractors working too many sites might be at play in the background. Obviously here not the case, but one hopes it doesn’t affect folks trying to get in with the new building contractor in play atop the MDY situation.

rongeremy

Nijmegen wrote: »

I just don’t get why folks call it a “vulture fund”.... MDY owners got greedy during the boom, like many, and decided to dabble in land speculation alongside their strong core business. Years later they can’t service the debt and it gets called in by whomever owns the loan. If you have a loan on a firm, pushing them to receivership is not a great solution if you can get 100% of your money out of them by just being patient.

But I digress. Sorry to hear about all the folks left hanging by this. Builders in many estates at the moment I know of where friends are moving in are pushing out and pushing out completion dates. One senses the old days of contractors working too many sites might be at play in the background. Obviously here not the case, but one hopes it doesn’t affect folks trying to get in with the new building contractor in play atop the MDY situation.

If your debt is sold to a vulture fund, they are never as reasonable as your bank and can call in the debt at any time. Whatever word suits, its the same thing. Their debt was called in.

Hurrache

rongeremy wrote: »

If your debt is sold to a vulture fund, they are never as reasonable as your bank and can call in the debt at any time. Whatever word suits, its the same thing. Their debt was called in.

Don't know what the figures are for commercial loans, but the banks have sought more repossession orders than funds.

Shefwedfan

rongeremy wrote: »

If your debt is sold to a vulture fund, they are never as reasonable as your bank and can call in the debt at any time. Whatever word suits, its the same thing. Their debt was called in.

People really don't know what a vulture fund is do they?????


Stop listening to Ruth Coppinger and her crowd of gobsh*ts

Nijmegen

rongeremy wrote: »

If your debt is sold to a vulture fund, they are never as reasonable as your bank and can call in the debt at any time. Whatever word suits, its the same thing. Their debt was called in.

Yes, but why do debts get called in? That tends to be the bit people gloss over. It typically gets called in because it's non-performing, ie they're not making their contracted repayments. You don't believe as the lender that you will get your money back and the only way to do so is push the firm over the edge and let a receiver sort it out and get you a % of the face value of the loan.

If MDY were operating a sustainable business, they could refinance. The issue is that they're just another greedy victim of the crash. There were businesses in totally unrelated fields to property or land speculation using their cashflow to fund loans in the area that also went to the wall, with owners cribbing about the unfairness of it all. A key lesson in business is, stick to your core area of what you're good at.

Anyways, with some luck whomever gets the contract for the estate will just re-employ a lot of the people working here in the first place; assuming the buoyant market for construction hasn't already sucked them all into other estates.

rongeremy

Shefwedfan wrote: »

People really don't know what a vulture fund is do they?????


Stop listening to Ruth Coppinger and her crowd of gobsh*ts

OH FFS :cool:

Shefwedfan

rongeremy wrote: »

OH FFS :cool:

Explain?


Based on a lot of comments people have no idea what a vulture fund is and anything something happens in Ireland the finger is pointed in the vulture fund direction....


It's a load of propaganda sh*t with nothing to back it up

rongeremy

Shefwedfan wrote: »

Explain?


Based on a lot of comments people have no idea what a vulture fund is and anything something happens in Ireland the finger is pointed in the vulture fund direction....


It's a load of propaganda sh*t with nothing to back it up

I said their loans were called in and that was a factor (granted only one factor). That was rubbished so I backed it up with an article. That was rubbished too.



Its not different than a home owner who's under performing mortgage is sold on and called in, and sometimes a performing mortgage also.


I'm not making excuses for MDY, I'm simply affected by the screw-up.



Anyway, https://www.irishtimes.com/business/financial-services/small-firms-and-farms-at-risk-over-loans-sold-to-vulture-funds-watchdog-says-1.3436573 Ruth Coppinger you wagon :eek:

Gavin "shels"

Shefwedfan wrote: »

Stop listening to Ruth Coppinger and her crowd of gobsh*ts

Populists make the people listen.... unfortunately.

Shefwedfan

rongeremy wrote: »

I said their loans were called in and that was a factor (granted only one factor). That was rubbished so I backed it up with an article. That was rubbished too.



Its not different than a home owner who's under performing mortgage is sold on and called in, and sometimes a performing mortgage also.


I'm not making excuses for MDY, I'm simply affected by the screw-up.



Anyway, https://www.irishtimes.com/business/financial-services/small-firms-and-farms-at-risk-over-loans-sold-to-vulture-funds-watchdog-says-1.3436573 Ruth Coppinger you wagon :eek:

Loans didn't get called in. The initial issue happened when the scaffolding company got fed up waiting for payment and pulled all their scaffolding off MDY sites.....effectively shutting down all their sites......the Directors shut up shop in case they got asked too many questions....standard practise for a construction company in Ireland




You point to an article with a guy who is head of Credit Review??? so a clown that would have told everyone to take out loans before the bust....now its back to a but of boom and he is on the paper complaining because people are not taking out loans again?.....refering to a relationship with your local bank??? the only reason this mess ever happened was because of the banks.....plus most of the people I have seen getting kick out are by your lovely "local" bank.....

rongeremy

Shefwedfan wrote: »

Loans didn't get called in. The initial issue happened when the scaffolding company got fed up waiting for payment and pulled all their scaffolding off MDY sites.....effectively shutting down all their sites......the Directors shut up shop in case they got asked too many questions....standard practise for a construction company in Ireland




You point to an article with a guy who is head of Credit Review??? so a clown that would have told everyone to take out loans before the bust....now its back to a but of boom and he is on the paper complaining because people are not taking out loans again?.....refering to a relationship with your local bank??? the only reason this mess ever happened was because of the banks.....plus most of the people I have seen getting kick out are by your lovely "local" bank.....

I get it - everyone's a clown.

AndrewJRenko

Nijmegen wrote: »

If you have a loan on a firm, pushing them to receivership is not a great solution if you can get 100% of your money out of them by just being patient.

Do you not think the professional lenders, who's job is literally to lend money and get it back, have a better idea of whether a loan is every going to pay off or not? They're only going to push to receivership if/when this is the best financial option for them.

rongeremy wrote: »

If your debt is sold to a vulture fund, they are never as reasonable as your bank and can call in the debt at any time. Whatever word suits, its the same thing. Their debt was called in.

If your debt is sold to a vulture fund, your contractual terms and conditions as a borrower stay the same. The vulture fund have no more rights to call in your debt than your original lender.

Nijmegen

AndrewJRenko wrote: »

Do you not think the professional lenders, who's job is literally to lend money and get it back, have a better idea of whether a loan is every going to pay off or not? They're only going to push to receivership if/when this is the best financial option for them.

We’re in violent agreement - that’s precisely the point I was making.

Alanfitz151188

Has anyone heard anything about new builders and Hollywoidrath site

kevincheung

Alanfitz151188 wrote: »

Has anyone heard anything about new builders and Hollywoidrath site

I received an email from agents it's said

A new builder has been appointed in Hollywoodrath which will start construction soon.

advertsfox

Looks like the building has started back up, lots of activity / workmen about now with the cabins returning. Not sure who the new builder is?

advertsfox

New update at last from KnightFranck:

We are happy to inform you that we have received an update from Regency today to advise that the new building contractor, GEM Construction, who have been preparing for the past couple of weeks to take over on site, are now fully operational and active on site in Hollywoodrath.

They will be providing Regency with a construction completion programme for the units on Hollywoodrath Drive shortly and expect the first hand overs commencing approximately at the end of January 2019.

Regency will update us further once they have further insight into an expected handover date for your particular unit.

So all going to plan, we could be in ours by February.

kevincheung

anyone know what is the best school in 'hollystown'? thanks.

advertsfox

kevincheung wrote: »

anyone know what is the best school in 'hollystown'? thanks.

I have my daughter in TETNS right across from Hollywoodrath, it's an excellent modern school and she loves it. That also being said, the surrounding schools are meant to be great as well. I'd recommend a new thread about them as your question might get a bit lost in here.

Hurrache

kevincheung wrote: »

anyone know what is the best school in 'hollystown'? thanks.

There are none in Hollystown.

kevincheung

advertsfox wrote:

I have my daughter in TETNS right across from Hollywoodrath, it's an excellent modern school and she loves it. That also being said, the surrounding schools are meant to be great as well. I'd recommend a new thread about them as your question might get a bit lost in here.

thanks for the information,because I'll be moving to hollywoodrath next year, I decide my daughter change to school from ashtown education together, but I have a friend told me in tyrrelstown area is no good.

Hurrache

You friend probably just got all his mis-info from places like boards.ie.

kevincheung

Hurrache wrote:

You friend probably just got all his mis-info from places like boards.ie.

oh..I see.
that's great !thank you

advertsfox

So got talking to a friend who works for Dublin Bus, the new routes planned with Bus Connects are a long way off but they have introduced a new 40E bus which will service Hollystown / Hollywoodrath and drop people off at Broombridge (to get train / Luas) leaving every 30 minutes.

https://www.dublinbus.ie/News-Centre/General-News/Introducing-Route-40e-Serving-Tyrrelstown-to-Broombridge/

Timetable - https://www.dublinbus.ie/Your-Journey1/Timetables/All-Timetables/40d1/

Shefwedfan

advertsfox wrote: »

So got talking to a friend who works for Dublin Bus, the new routes planned with Bus Connects are a long way off but they have introduced a new 40E bus which will service Hollystown / Hollywoodrath and drop people off at Broombridge (to get train / Luas) leaving every 30 minutes.

https://www.dublinbus.ie/News-Centre/General-News/Introducing-Route-40e-Serving-Tyrrelstown-to-Broombridge/

Timetable - https://www.dublinbus.ie/Your-Journey1/Timetables/All-Timetables/40d1/

The buses are a bit strange at the moment. The one which used to start at the bus stop beside Hollywoodrath seems to have changed to start in Tyrellstown now.....

Hurrache

Shefwedfan wrote: »

The buses are a bit strange at the moment. The one which used to start at the bus stop beside Hollywoodrath seems to have changed to start in Tyrellstown now.....

Only something like 2 buses a day started at Hollystown, it was an extension of the existing 40D that starts at the hotel.

The issue with the 40E route as outlined in the map above is that there's plans to close the road it uses between the hotel down the side of Hollywoodrath.

Shefwedfan

Hurrache wrote: »

Only something like 2 buses a day started at Hollystown, it was an extension of the existing 40D that starts at the hotel.

The issue with the 40E route as outlined in the map above is that there's plans to close the road it uses between the hotel down the side of Hollywoodrath.

That might explain, I was driving around Tyrellstown trying to catch the bloody thing one night:P


The 40E looks like a temp job, I would guess if nobody uses then it will stop. If people use it regular then it will continue......