In Reply to: re: re: genuine question posted by Daz on April 09, 2009 at 10:54:36:

Daz very fair comment and one that will / should come to the fore right now. I do think that all developers will be pursued by this new agency; however I don't see how the government are going to do things differently than the Bank's have tried already, (blood from a stone springs to mind).
Without going into a lengthy thesis, (as it is going to be a minefield), the largest developers will have sheltered the majority of their recourse, (claw back) - from them personally to a company vehicle, and the repossession of security and issuing of judgements will be to a limited company –, (no other asset in that company), this is where the Director of Corporate Enforcement will have to come into play in terms of banning such persons from becoming directors of a company, (usually for 5 years), in the future; whatever good that will do.
The larger developers, notwithstanding the employment created will, in my own opinion, have put aside significant funds – will the government be able to call upon it in any shortfall – I am confident that is a big NO. Merc's and Bentley's will be driven and names will fade away.
In relation to Mairt’s comment – yes your right but in the case being mentioned this new Agency will only be looking after the developers / large scale debts as opposed to the individual house mortgages as we know them.
I have my own ideas as to how, in the long term, sort out some of these issues but that is for another forum. Another lengthy commentary but I hope it helps.