The Irish Times – Saturday, January 14, 2012
PROPERTY DEVELOPER Thomas McFeely, one of a number of people held responsible for the Priory Hall scandal, has been declared bankrupt by a British court, according to reports yesterday.
Mr McFeely is the developer of Priory Hall, the Dublin apartments complex that the authorities had to shut down because structural defects posed a serious fire risk. According to reports yesterday, a court in London has declared mr McFeely bankrupt, a move anticipating any such cases against him in the Republic.
British law releases most bankrupts after a one- or two-year period, giving them an effective clean sheet that prevents creditors from pursuing them for debts from before the declaration. In contrast, the Republic’s system imposes a bankruptcy term of 12 years.
Mr McFeely, who has an address on Aylesbury Road in Dublin’s embassy belt, was facing proceedings in the High Court on Monday by a creditor, Theresa McGuinness, who is seeking to have him declared bankrupt here.
Ms McGuinness already has a series of judgment mortgages against mr McFeely’s company, Coalport ltd, which date back to a ruling made in 2009.
The difference between the Republic’s bankruptcy laws and those operating in countries such as Britain and the US, where many states also impose one- and two-year terms, means that Irish people seek to be bankrupted in those jurisdictions.
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Priory Hall figure deemed bankrupt
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