Yates Bookmaking Firm in Receivership

[ang]

More job losses for Ireland:-


AIB has appointed a receiver to Celtic Bookmakers Ltd. A statement from the directors, former minister Ivan Yates and his wife Deirdre, said significant job losses at the betting shops were inevitable.



http://www.rte.ie/news/2011/0104/celtic-business.html

[eoinmn]

Ivan on RTE News at One now. He says he was part of the Celtic Tiger. He says he takes full responsibility for a situation which has ended in tears.

He also puts some of the blame on those he was renting from.

He is has very high praise for his staff.

He says that he secured his own family home and his mother's home against a loan from AIB.

[eoinmn]

They owe AIB about 6m.

[ang]

Ivan Yates has given a personal guarantee of 6 million to AIB towards debts.

He has used his own home and his 78yr old mothers home as security.

He may yet be forced in to bankruptcy and is not hiding the fact that he is broke.

If bankruptcy were to be enforced he would be allowed 230euro per week to live on which would mean most of his ministerial pension would be gone.

[TotalMayhem]

They owe AIB about 6m.

These gangsters owe us billions, time to put them into receivership, or better: behind bars!

[LeftAtTheCross]

Big swinging...

How or why did Yates get so much coverage on the 1 o'clock news?

This must be the only bookmaker to have ever closed down due to getting the numbers wrong?

Sure he's a talkative guy and must be a delight to interview on the radio, an easy option in that respect for the programme producers, but the guy doesn't actually have anything of interest to say, at best he's a straight forward uncomplicated ex-politician with a good radio voice but no substance, at worst he's a sorry excuse for what passes as the political and business elite in this state.

It is unfortunate that his staff are facing uncertain times, but bookmakers (and publicans) should receive no sympathy, they make most of their profits from the misery of other people's addiction.

[ThomasB]

Ivan Yates has given a personal guarantee of 6 million to AIB towards debts.

He has used his own home and his 78yr old mothers home as security.

He may yet be forced in to bankruptcy and is not hiding the fact that he is broke.

If bankruptcy were to be enforced he would be allowed 230euro per week to live on which would mean most of his ministerial pension would be gone.

What's the Deal around 230, is this some Bankrupcy rule & how long must you be on it, before you can earn more ?

Was he not a Limited Company ?

[ang]

What's the Deal around 230, is this some Bankrupcy rule & how long must you be on it, before you can earn more ?

Was he not a Limited Company ?

What I have stated above is taken from the radio interview and I don't have precise details on such a bankruptcy rule or if indeed there is one which quotes such a specific amount.

I will now though look in to that and get back to you Thomas B

If I remember correctly I think it was a similar amount that Sean Fitzpatrick was allowed and it may all be based on some sort of means test within bankruptcy law.

I do believe Celtic was a Limited Company but so far as I can make out the loan was given on the basis of a personal guarantee.

[TotalMayhem]

Was he not a Limited Company ?

Celtic Bookmakers is a 'limited company' indeed. This could mean losses for suppliers, the landloards from whom Yates was renting shops, it could also mean losses for punters. Although Yates vowed to honour all bets, it will be ultimately up to the receiver.

However, if Yates pledged the properties as collateral to secure bank loans (which obviously has been the case), then it will be the banks'.


Mr Yates could be facing bankruptcy, repossession of a bungalow built for his 78-year-old mother Mary on family land at Blackstoops, Enniscorthy, the ancestral family home and farm (the Yateses are descendants of whiskey-maker John Jameson) and his own home in Dublin.

[ThomasB]

What I have stated above is taken from the radio interview and I don't have precise details on such a bankruptcy rule or if indeed there is one which quotes such a specific amount.

I will now though look in to that and get back to you Thomas B

If I remember correctly I think it was a similar amount that Sean Fitzpatrick was allowed and it may all be based on some sort of means test within bankruptcy law.

I do believe Celtic was a Limited Company but so far as I can make out the loan was given on the basis of a personal guarantee.

Cheers Ang, am curious where this came from. I did read the Bankrupcy legislation (which is unusually uncomplicated & short) some time ago, but don't remember seeing anything about 230.

Would seem reasonable enough though, that you would be capped & rest go to your creditors, but for how long ?

[Baron von Biffo]

They owe AIB about 6m.

AIB has form for going easy on former FG cabinet members.