The ‘Kilkenny Trust’ that makes mortgage debt disappear

There has been talk recently of a group based in Kilkenny who have a method for putting properties beyond the reach of banks. According to papers even Bill Cullen is part of it. Upon hearing about it and how it used a ‘trust’ structure to put property out of harms way we initially thought it referred to [glossary id=’6991′ slug=’unencumbered’ /] properties; but apparently it works for all properties including those for which there is a [glossary id=’6898′ slug=’mortgage’ /] secured against the home according to its promoters.

We were asked by a client to attend one of the presentations the group held, it was in Kilkenny in the back room of the Kilford Arms and was free of charge. The two people who talked at the meeting were a man named Noel Brophy and another named David Walsh, the first was a builder in the USA who returned home and had since gotten into disagreement with lenders, the other a man who was fighting banks but for whom …

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Taxing sites: Isn’t that what a site value tax would have done?

When I heard that Dublin City Council was considering a tax on undeveloped sites I nearly choked on my coffee. The introduction of the Local Property Tax was contentious, for many it was contentious not because we were being taxed but because of ‘how’ we were being taxed.

That’s because a sizeable group of people believed that a site value tax would be a better alternative. Our government promised this on page 15 of their programme for government where they stated that they would ‘consider, arising from the previous Government’s deal with the IMF, various options for a site valuation tax‘.

That the Local Property Tax isn’t even going to local authorities this year is a serious snub, but to then turn around and in the same year see a Council look for a separate and additional tax on sites only demonstrates that we are …

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