RTÉ has appointed the corporate finance arm of KPMG to review its strategic options for 2RN, its transmission network business, the Sunday Times reports. An outright sale of the business could raise up to €200 million for the cash-strapped national broadcaster, The Irish Times reported. The Central Bank of Ireland is at an advanced stage of an investigation into mortgage lenders who add legal fees to the bills of customers in arrears, driving them deeper into debt. Some banks stopped the practice after the regulator intervened.
Businessman Dermot Desmond has moved to formally wind up his QED Equity financial business, which provided advice to international banks, The Irish Times reported. Restructuring expert Declan de Lacy, a partner in PKF O’Connor, Leddy & Holmes accountants, has been appointed as liquidator of QED Equity in a solvent liquidation initiated by the company’s shareholders, which include an Isle of Man entity controlled by Mr Desmond. The directors of QED Equity include Mr Desmond and also Michael Walsh, who was formerly chairman of Irish Nationwide Building Society.
Ronan Ryan and his former Miss Ireland wife, Pamela Flood, had never heard of the personal insolvency regime when they both signed a consent agreement to give back their Dublin home to so-called vulture fund Tanager, the High Court heard today, BreakingNews.ie reported. Ryan had appealed against Judge Jacqueline Linnane’s Circuit court order allowing Tanager re-possess 136 Mount Prospect Avenue, Clontarf, even when he had insolvency court protection from every one of his creditors.
A Co Antrim property developer who claims he lost more than £1 million (€1.13 million) during the recession has begun a High Court action against the Ulster Bank, The Irish Times reported. Chris Gordon alleges fraudulent misrepresentation and negligence around the provision of financial services and banking arrangements over a number of years. Mr Gordon, who also operates as an estate agent, is seeking damages over the handling of his business dealings.
Almost two-thirds of voters have said they would be willing to forgo budget tax cuts at a time of rising fears over the economic cost of a no-deal Brexit, The Irish Times reported. According to the latest Sunday Business Post/Red C opinion poll, just 39 per cent said they wanted tax cuts and/or social welfare increases that benefit them personally. Instead, 61 per cent said they would prefer the Minister for Finance Paschal Donohoe to invest more in public services in next month’s budget, at a time of public housing shortages and long health service waiting lists.
Property developers, medical doctors and publicans were prominent among the 43 names published today on the tax defaulters list, which outlined details of €9.8 million worth of settlements in the three months to the end of June, The Irish Times reported. The list of names published by Revenue represents just a fraction of the €118 million collected in settlements during the period as a result of interventions, audits and investigations by the tax authorities, it said. Details of cases involving court penalties totalling more than €1.1 million were also published.
Gayle Killilea’s lawyer is asking the judge in her husband Sean Dunne’s American bankruptcy trial to block an order from a different court compelling Killilea’s financial adviser to provide details of the couple’s finances, including the transfer and sale of Walford – once Ireland’s most expensive home, The Irish Times reported. Trustee attorney Timothy Miltenberger said his client wants to examine Dublin accountant James Ryan to identify assets to pay the $18.1 million (€16.2 million) a jury ordered Ms Killilea to pay the trustee in June.
A High Court judge has said he would approve a debt write-off of about €3 million for musical director Frank McNamara and his wife Theresa Lowe, the former RTÉ presenter, The Irish Times reported. However Mr Justice Denis McDonald has sought further clarification first around the true value of Mr McNamara’s inheritance of his parents’ home and rental income on the property, which will go towards repaying some of the couple’s debts, before he signs off on their proposed personal insolvency arrangements.
Green Reit, Ireland’s first real estate investment trust, is to be sold to London-based property investment group Henderson Park in a €1.34bn deal that underlines the slowdown in the country’s commercial property market after a period of strong growth, the Financial Times reported. Green was floated six years ago as a recovery began in the Irish property market, which had been knocked by the financial crash of 2008.