Page 1 of 5 123 ... LastLast
Results 1 to 15 of 66

Thread: Jim Mansfields Citywest group goes into liquidation.

  1. #1
    Join Date
    Apr 2010
    Location
    нурмы
    Posts
    5,006

    Default Jim Mansfields Citywest group goes into liquidation.

    According to the Indo, the group owes a total debt of €192 million to various different creditors, with RBS Bank of Scotland being the single largest. The key point posed by this particular case is the need for a serious overhaul of the principles of company law. The particular structure of the company (the Hotel is apparently registered under an unlimited company which in turn is controlled by a limited company registered in the UK) means that Mansfield won't be personally liable for the debts. The approach of the Irish courts needs to be changed as well as the principle of separate legal personality- given the fact that developers and businessmen are able to use this principle of law as a means fo avoiding personal liability for any debts incurred by companies they control that go into liquidation, it's perhaps time for the legislature to legislate for a return to the 'justice of the case approach' (that SLP would be disregarded where the company was bound hand and foot to a particular shareholder, or where it was just in the circumstances to 3rd parties etc that the SLP be ignored- set down in a number of cases in the 80s) that was overturned by the Allied Irish Coal decision.

    http://www.independent.ie/national-n...m-2488666.html
    Нооруз пиээ пурылыа выиттыа


    'Our goal is to conquer state power for the Irish working class'
    Pat Rabitte, 1987

    "Can I ask whether this is what the men of 1916 died for: a bailout from the German chancellor with a few shillings of sympathy from the British chancellor on the side?"
    Michael Noonan, November 2010

  2. #2
    Join Date
    Feb 2010
    Posts
    16,660

    Default Re: Jim Mansfields Citywest group goes into liquidation.

    Does this mean the airport will be closed?

    There could be a drought in Ireland.

    Terrible thing this climate change.
    Do not rejoice in his defeat, you men. For though the world has stood up and stopped the bastard, the (female dog) that bore him is in heat again. Bertolt Brecht

  3. #3
    Join Date
    Mar 2010
    Location
    Meath
    Posts
    214

    Default Re: Jim Mansfields Citywest group goes into liquidation.

    Quote Originally Posted by Sam Lord View Post
    Does this mean the airport will be closed?

    There could be a drought in Ireland.

    Terrible thing this climate change.
    LOL Sam Lord, I was thinking the exact same thing...

  4. #4
    Join Date
    Mar 2010
    Posts
    173

    Default Re: Jim Mansfields Citywest group goes into liquidation.

    Quote Originally Posted by Sam Lord View Post
    Does this mean the airport will be closed?

    There could be a drought in Ireland.

    Terrible thing this climate change.
    Jim's aircraft were used without his knowledge, he's a victim here
    Will Jim jnr have to go on the wagon?

    truly end times
    Nothing to see here

  5. #5
    Join Date
    Mar 2010
    Location
    heart of Europe
    Posts
    22,957

    Default Re: Jim Mansfields Citywest group goes into liquidation.

    covered in the Times

    THE MANSFIELD family, owners of the Citywest hotel complex in Saggart, Co Dublin, do not have to stand behind the debts of their collapsed business because of the use of companies based in the Isle of Man, creditors were told yesterday.

    Creditors owed tens of millions of euro yesterday voiced anger at the way the owners of the group are protected from its debts.

    The hotel, two golf courses, a convention centre, apartment blocks and other buildings, all at Saggart, are owned by an unlimited company, HSS. Unlimited liability companies do not publish accounts but their owners are liable for their debts.

    Approximately 100 people who attended a creditors’ meeting yesterday at the hotel were told that HSS, which has been placed in liquidation, has links with Isle of Man companies in a way that limits the liability of the Mansfields.

    The liability of HSS is limited by the Isle of Man structure, the group’s former financial controller, Richie Mahon, told the meeting. “It’s all above board.”

    Filings in the Companies Office for HSS show it is owned by Isle of Man companies and that its directors, founder Jim Mansfield and other members of the family, are also directors of companies in the Isle of Man.

    Mr Mansfield’s son, Tony Mansfield, was the only member of the family to attend yesterday’s meeting.
    A creditor who said she was owed €40,000 asked Mr Mansfield “how do you go to bed with the thought that you have put so many people into so much trouble”?

    “I am human too,” Mr Mansfield responded. “Every effort will be made for the unsecured creditors.”

    However, creditors said they had heard the family was trying to buy back the business.“I tell you we are not trying to buy the hotel,” said Mr Mansfield.
    http://www.irishtimes.com/newspaper/...287042543.html
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  6. #6
    Join Date
    Mar 2010
    Location
    heart of Europe
    Posts
    22,957

    Default Re: Jim Mansfields Citywest group goes into liquidation.

    must be nice to have a 1 way bet.

    Company does well, loads of money. Company fails, walk away with no liability. Lenihan should have registered NAMA in the Isle of Man
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  7. #7
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,438

    Default Re: Jim Mansfields Citywest group goes into liquidation.

    I large number of questions to be answered here. We have quite a few posts here on Mansfield. I'll try to find them and merge them later. In the meantime, I did find this -


    From the Tribune -

    "Its extraordinary that a person who can't read is able to fly a helicopter"

    Judge Peter Kelly expresses astonishment that Jim Mansfield junior, who is a qualified pilot and senior executive in the Mansfield empire, claimed that he never understood he had to pay back a 46.2 million loan to AIB because he couldn'tread property.
    Last edited by C. Flower; 08-01-2011 at 04:57 PM.

  8. #8
    Join Date
    Oct 2010
    Location
    Dun Laoghaire-Rathdown
    Posts
    8,498

    Default Re: Jim Mansfields Citywest group goes into liquidation.

    It's the SME creditors/suppliers I feel sorry for. BoSI can probably cope...or Osborne will have to cope for them...

  9. #9
    Join Date
    Mar 2010
    Location
    Derry
    Posts
    1,968

    Default Re: Jim Mansfields Citywest group goes into liquidation.

    Jim Mansfield....isn't that the lad made his fortune in the 80s importing junk from South America?

  10. #10
    Join Date
    Feb 2010
    Posts
    16,660

    Default Re: Jim Mansfields Citywest group goes into liquidation.

    Quote Originally Posted by Sidewinder View Post
    Jim Mansfield....isn't that the lad made his fortune in the 80s importing junk from South America?
    Scrap from the Malvinas ... apparently.
    Do not rejoice in his defeat, you men. For though the world has stood up and stopped the bastard, the (female dog) that bore him is in heat again. Bertolt Brecht

  11. #11
    Join Date
    Mar 2010
    Posts
    1,584

    Default Re: Jim Mansfields Citywest group goes into liquidation.

    Why is it that the "Pillars of Irish society" are also the most shameful examples of Irish society?
    I mean in politics, media, business, and so on.
    Anybody who went into business with this guy or invested in him deserve to be burned for their stupidity btw. (not burned literally if there are any nuts reading this)

  12. #12
    Join Date
    Jul 2010
    Posts
    38

    Default

    Delighted to hear that he owes Noel Smyth a few bob that mightn't get paid.

    I wonder is there any snow up in Saggart today, the hills look a bit white from here.

  13. #13
    Join Date
    May 2010
    Posts
    1,062

    Default Re: Jim Mansfields Citywest group goes into liquidation.

    making money on ships Big Maggie sank, that was a lucrative gig I am sure, how did he manage to win that then.
    Last edited by wickedfairy; 08-01-2011 at 11:04 PM.
    "There are two ways to conquer and enslave a nation. One is by sword. The other is by debt." -- John Adams

  14. #14
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,438

    Default Re: Jim Mansfields Citywest group goes into liquidation.

    I've looked at the "conference centre" - glorified shed. No way that 50 million was spent on it. Where are these figures coming from ?

  15. #15
    Kev Bar Guest

    Default Re: Jim Mansfields Citywest group goes into liquidation.

    [QUOTE=truth.ie;108211]Why is it that the "Pillars of Irish society" are also the most shameful examples of Irish society?
    I mean in politics, media, business, and so on.
    QUOTE]

    Bout time we glorified Samson.
    With Paul Weller providing the soundtrack.

    Citywest...home of GAA celebrations and incestuous corruption.
    Too many cowboys.
    Where are the fcuking apaches when a good scalping is called for!

Page 1 of 5 123 ... LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Share us
Follow Us