Developer of my new build home about to go bust?

[LLB123]

I've posted here before about ongoing issues with a new build that is taking forever. Was due to complete late last summer and since then we've had little progress and nothing but further delays and excuses while I wait it out in rental accomodation having sold my old home.
But now, just when it looks like things are going in the right direction and water connection is finally about to happen in my phase I did a company check and have seen that the developer set up a holding company earlier this year.

Not entirely certain if this means anything in relation to my development, but given the timing and previous experience, I'm concerned it could it be a sign that he's run out of money and is about to go under? It's my understanding that the usual function of a holding company is to protect against risk/liability - does it sound fishy to you?

 

[T McGibney]

Not entirely certain if this means anything in relation to my development, but given the timing and previous experience, I'm concerned it could it be a sign that he's run out of money and is about to go under? It's my understanding that the usual function of a holding company is to protect against risk/liability - does it sound fishy to you?

No it's not.

 

[LLB123]

No it's not.

Asset Protection:​

A holding company structure can provide a level of asset protection for the owners. By segregating the assets and liabilities of various subsidiaries, the holding company shields itself from potential risks and liabilities incurred by individual subsidiaries. This can be particularly beneficial in industries with higher levels of risk, such as manufacturing or construction.

Advantages Vs Disadvantages of A Holding Company?

Advantages Vs Disadvantages of A Holding Company? setting up a company in Ireland. what is a holding company.

www.irishformations.ie

Not an unreasonable assumption on my part?

 

[T McGibney]

Asset Protection:​

A holding company structure can provide a level of asset protection for the owners. By segregating the assets and liabilities of various subsidiaries, the holding company shields itself from potential risks and liabilities incurred by individual subsidiaries. This can be particularly beneficial in industries with higher levels of risk, such as manufacturing or construction.

Advantages Vs Disadvantages of A Holding Company?

Advantages Vs Disadvantages of A Holding Company? setting up a company in Ireland. what is a holding company.

www.irishformations.ie

Not an unreasonable assumption on my part?

Forming a holding company can form part of a long term asset protection strategy for a successful company but I struggle to see how it could work in the case of a company that is running out of money and is about to go under, as you fear.

 

[LLB123]

Forming a holding company can form part of a long term asset protection strategy for a successful company but I struggle to see how it could work in the case of a company that is running out of money and is about to go under, a you fear.

OK thank you, that is somewhat of a relief - it's the timing of it that threw me.
A little knowledge etc...