This article is from page 6 of the 2011-12-13 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 6 JPG
A NORTH Clare developer who had a € 10.5 million judgement order by Anglo Irish Bank secured against him in October has said he is in advanced negotiations with NAMA to work out a business plan. Airtricity applied to a court for committal for failing to comply with an instalment order imposed on John Flanagan, of Ballyvarragh House, Doolin.
Sean Costello, a business development manager with Airtricity, told Ennistymon District Court on Wednesday that € 16,784 was due. He said that no payments were made on foot of an instalment order. Payments of € 1,000 a month were to have been paid, but none had been made, he said. Solicitor Jim Finnegan, for Airtricity, said he was seeking an order for committal.
Mr Flanagan told the court that he had been a developer during the boom. He told Judge Aeneas McCarthy that Anglo Irish Bank secured a judgment of € 10.5 million against him in October. He said that he has not had income since September 2008 and has outgoings including a mortgage, rent, housekeeping and food.
He said that his wife is working part-time and earns € 166 a week, which, along with carer’s allowance for a child and children’s allowance, pays the bills.
“My wife deals with it. She keeps the house going,” Mr Flanagan told the court.
The solicitor told the court that a private investigator was hired by Airtricity. He asked Mr Flanagan was he in talks with NAMA. Mr Flanagan replied, “Yes, advanced negotiations. We are trying to advance a business plan.” He said he is not receiving a salary at the moment but expects to in the future. He said he anticipates that the negotiations will be finalised in January or February.
He told Mr Finnegan that he does not have any assets to sell. Asked did he propose to pay the money due to Airtricity, he said, “There was a judgement order secured against me but I wasn’t in a position to meet that.” He said that he was in regular contact with Airtricity in relation to the money due and said he has made nominal payments of € 18 per month.
He told the court that he has two girls employed part-time in an office in Liscannor for a company that manages property. “I don’t get any income from that company,” he said.“I receive no income from any company whatsoever,” said Mr Flanagan.
On hearing that Mr Flanagan hopes to have a business plan finalised early in 2012, the judge said he would adjourn the case until February.