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Saturday 20 September 2014

Former hurling star bankrupt with €5m debt

Cormac McQuinn

Published 23/04/2013 | 05:00

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Paul Codd: estimated his own debts at €4.9m

FORMER Wexford hurling star Paul Codd – who once famously accused GAA officials of being "tinkers and rogues" – has been declared bankrupt in the High Court, with debts of almost €5m.

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Mr Codd was adjudicated bankrupt after a petition brought by Co Cork farmer David Deasy over an unpaid €530,000 judgment he secured against the former hurler.

Court documents show Mr Codd last November estimated his debts, combined with those of his now-dissolved company Paul Codd Ltd, were €4.9m. The papers show he blamed the collapse in the property market and a drop in the value of the land for his loan for the purchase of the land being declined. He said this left him "in a position where the total contract price could not be paid in full".

He said that he had intended to pay outstanding sums using profits from crops grown on the land.

Mr Codd claimed that despite this offer, Mr Deasy gained access to the land with a tractor attached with a harrow in September 2011 and destroyed a potato crop leading to losses to him of €136,800. Mr Deasy said in other court papers that he wasn't liable for the claimed losses. He said the potatoes were his property because they were planted on his land and he wanted to clear the land in advance of its sale to another buyer.

Restructuring

In his filing, Mr Codd said he had arranged a €2.8m restructuring loan with a financial firm Gerrard Knox Consulting in an attempt to part-pay his creditors, including Mr Deasy.

In later documents, Mr Deasy expressed scepticism about Mr Codd's €2.8m restructuring loan, pointing out that Mr Codd had not told him how much he would receive from the loan.

He denied he was being unreasonable in petitioning for Mr Codd's bankruptcy and listed a number of occasions from 2008 onwards when he had attempted to negotiate with him.

He said: "I have not taken the decision to apply for petition for bankruptcy in respect of Mr Codd lightly. However, I have lost all confidence in his ability or intention to pay off the judgement I have obtained."

In February, solicitor Thomas Walsh quit as Mr Codd's representative in the case.

Mr Codd did not respond to attempts to contact him for comment last night.

Mr Deasy said last night that "Mr Codd has no legal right or moral entitlement to this land."

He said: "I have made every effort to accommodate Mr Codd, which has not been reciprocated."

He said he had been unable to transfer ownership to Michael Martin because of Mr Codd's occupation of the land.

And Mr Deasy added: "This inability to transfer title to the new owner and attendant liabilities has placed my own farming business in financial jeopardy."

Irish Independent

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