Aisling Dempsey (Meath West, Fianna Fail)

Is the Government concerned about a developer's ability, under current insolvency and receivership law, to convert themselves into a secured creditor during the collapse of their own residential project? This is the shocking scenario that homeowners have faced in my constituency in Ringfort, Rathmolyon, County Meath. The developer now ranks ahead of Revenue and the contracted home buyers, which may leave the State at some loss but, more importantly, these five families at a huge loss. Will the Government review the legal framework that enables this practice to happen? Ringfort is a development of 16 houses that these families and others put deposits on in good faith, paid for extras and signed valid, binding contracts on more than five years ago. The developer does not wish to honour the said contracts, as he can see he would make so much more today selling the houses. He should not be allowed to do this. He is shattering the dreams and futures of these families.

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