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Tuesday 24 October 2017

Developer is now at the mercy of courts

Tom Brady and Dearbhail McDonald

THE residents of Priory Hall have been left at the mercy of the banks who issued mortgages for them to buy their condemned fire-trap homes.

Now its developer, Tom McFeely, is also about to feel the heat after his UK bankruptcy bid was rejected for a second time.

Mr McFeely is no stranger to controversy. His transformation from penniless construction worker to multi-millionaire property developer in a little over a decade led to speculation about the source of his wealth.

Like many boom-time developers, Mr McFeely sported a luxury lifestyle, including a €10m Ailesbury Road house, a Portuguese holiday villa and a €280,000 Bentley limousine.

But in 2006, the former hunger striker reached an €8.5m settlement with the Criminal Assets Bureau after they probed his tax affairs.

ACC registered a judgment of €6.28m against Mr McFeely in November 2009, while the Revenue Commissioners registered a judgment against him and former business partner Larry O'Mahony in August last year.

Then came last year's threat of a return to jail when residents were evacuated from Priory Hall over safety concerns.

Now, if he fails to overturn the second rejection of his UK bankruptcy, Mr McFeely will find himself at the mercy of Ireland's bankruptcy laws.

Irish Independent

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