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'Viper' debt collection agency in the red for two years

The debt-collection agency run by Dublin criminal Martin 'The Viper' Foley took a hit in losses last year.

Foley operates Viper Debt Recovery and Repossession Services Ltd and new figures show that its accumulated profits last year fell by €4,471 -- from €5,342 to €871 -- a drop of 83pc.

An accompanying auditor's report in accounts lodged by Foley's firm to the Companies Office confirms that Viper Debt Recovery recorded a loss last year. The loss last year followed a loss of €18,388 in 2010.

In accounts posted with the Companies Office, they show that the firm's cash reserves also took a dive in 2011 going from €2,672 to €804.

The company's website boasts that the firm's "proven strategies and debt-recovery systems have recovered over 90pc of our assigned accounts, which is well over the industry's collection success average".

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On the services it provides, the website states that: "Our dedicated, professional team are trained in the Person Act 1997 and set out with immediate action to collect your debt as quickly as possible whilst retaining the relationship with your client if at all possible."

The company website states that over the past 10 years "we have been offering our services in the financial, industrial, retail, medical and investor sectors throughout Ireland and the UK".

Auditors for the firm, Conway, Conway & Co, of Naas, Co Kildare, qualified their audit opinion on the financial statements due to no cash receipt book being provided.

The auditors said: "In respect solely of the limitation on our work relating to the limitation of scope, we have not obtained all the information and explanations that we considered necessary for the purposes of our audit; and were unable to determine whether proper accounting records had been maintained."

Foley (56), from Cashel Avenue, Kimmage, Dublin, has survived five attempts on his life.

Irish Independent