Developers seek 'debt amnesty' for small players
PROPERTY developers and investors will tonight call on the next government to create a "debt amnesty" or devise another solution to deal with the massive debt incurred by smaller-scale property players.
The call will be made at the annual general meeting of the Irish Property Council (IPC), which represents smaller property businesses, as well as individuals who have invested in rental property.
IPC member Seamus Savage yesterday said the time had come for the Government to accept some responsibility for allowing ordinary companies and individuals to swing so far into negative equity.
"The Government has not got to grips with the debt overhang in the property business," he stressed. "Unlike the larger development loans going into Nama, there is no plan to deal with the businesses behind the (smaller) loans."
The IPC meeting will also be addressed by bank representatives who will talk members through "debt restructuring, writedowns and deals on debt".
Karl Deeter of the Irish Mortgage Brokers will discuss the economy and the US experience of debt restructuring, while Ross Maguire, senior counsel and co-founder of the New Beginning group, will discuss "family home protection".
Solicitors will also be on hand to provide advice on insolvency for members who "cannot trade any longer", Mr Savage added.
The meeting takes place tonight at the Red Cow Hotel, Dublin, at 7.30pm.
- Laura Noonan
Irish Independent
