Laid Off?

[Tony Baloney]

Taggart said last year that the downturn in property prices were simply a market adjustment to artificially inflated prices. Stevie Wonder could see that a recession was coming over the horizon so you have to question either the advice he was receiving or his own acumen. It's easy for these boys to be risk takers when it isn't their own money they are staking. If the market is up everyone is a winner, as it is currently there are only losers.

[Rois]

I know corporate recovery lads have their place (although personally i'd call in some of the smaller boutique firms) but in this instance Taggart was getting advice from KPMG Corporate Finance, you'd have to question their advice.

If you're at the mercy of a bank enforcing the restructuring process, you won't get a say in who is called in.  If KPMG gave questionable "advice" (unlikely given the risk culture within the Big 4 these days), then they'll be held liable in the courts.  Can you imagine trying to tell someone like Michael Taggart who has gotten it so right so often that his choices aren't right?  You can point out what the risks are but management's decision is management's decision.  And if the bank has agreed with it and provided funding, then that's their perogative. 

[Bogball XV]

I know corporate recovery lads have their place (although personally i'd call in some of the smaller boutique firms) but in this instance Taggart was getting advice from KPMG Corporate Finance, you'd have to question their advice.

If you're at the mercy of a bank enforcing the restructuring process, you won't get a say in who is called in.  If KPMG gave questionable "advice" (unlikely given the risk culture within the Big 4 these days), then they'll be held liable in the courts.  Can you imagine trying to tell someone like Michael Taggart who has gotten it so right so often that his choices aren't right?  You can point out what the risks are but management's decision is management's decision.  And if the bank has agreed with it and provided funding, then that's their perogative. 

Down here the use of smaller firms seems to fairly common and they make a pretty good living out of it (as you'd imagine), presumably they're appointed because Big 4 have their greasy paws involved somewhere and can't be impartial.
What I'm saying re KPMG was that whilst they may not be able to be held accountable for their lack of advice in the past (in my experience disclaimers and caveats abound when dealing with these guys), perhaps someone who was advising them could have taken Taggarts aside and told them to slow down a little, that the possibility of a down turn was a real one, that when the 2 biggest deals went through, the bubble was already burst in the states and so on, it didn't have to be formal.  Of course to do that might have meant that bonuses wouldn't have been as high, likewise for the bankers (who I feel from reading that article seemed to do the deal in order to show Dublin that they can do big deals too), truth is, you're probably right, we'd all have taken the money and maybe issued a few feeble protestations, but....
Had Taggart actually got that much right up to that point?  I don't know all the ins and outs, but was there much behind the meteoric rise beyond a few acquisitions that have been shown to have been at the top of the market?  From what I know, up until that point they had a successful business much like most builders/developers we all know, they decided to leave the comfort zone and it backfired very badly, but much as there was bad luck at the end, there was a pile of good luck at the start.  I hope this doesn't sound like bitterness on my part as from what I know of them the Taggarts are nice guys.

[Newbridge Exile]

See Taggart Holdings has gone into administration. Maybe the fancy dan that runs it will have to cancel Lionel Richie for his xmas party and downsize to Malachi Cush!

Lionel Richie for his xmas party ?



You're taking the piss !

Yes about the Xmas party, but he had Lionel and Van The Man playing at his wedding a couple of years back. I don't think he'll get much sympathy but I have a feeling the little man employed by him will feel the pinch at the end of it all rather than Mr. Taggart.

A good friend of mine  worked in Taggrts office and went 11 weeks without getting paid, luckily he managed to get another job a couple of weeks ago

[full back]

Im with hs on this one

2 points:
1. Why would anyone work so long without getting paid?
and
2. How can anyone go so long without getting paid?

[pintsofguinness]

Why is there so much sneering done when someone goes out of business or out of work? 

[maggie]

It is the irish way-same thing happens when someone goes far.

[bcarrier]

Fred Fraser is shrood.

[scud]

Fred Fraser is shrood.

Now we know the reason for the tight deadline lol

[Newbridge Exile]

Im with hs on this one

2 points:
1. Why would anyone work so long without getting paid?
and
2. How can anyone go so long without getting paid?

I cant really answer either questions to be honest, they were continually being told that money would be coming available through selling off some non essential assets ,and salaries would be paid, It never happened as each week brought a new excuse as to why these sales did not go through

[under the bar]

Im with hs on this one

2 points:
1. Why would anyone work so long without getting paid?
and
2. How can anyone go so long without getting paid?

Out youself in the shoes of someone with kids and a mortgage.  The boss says, "I'm sorry for this but we have £x thousand coming in a few weeks and I assure you will all be paid in full.  Anyone who leaves however will not get any back-pay owed".

As much as they may have been looking around for something else, when theres no alternative jobs available they have little choice but to believe whats said.

[illdecide]

Tell ya what lads i'm starting to panic a bit here as the work is slack and i've not much to do but my boss assured me about 6 weeks ago that he had plenty of work but i've been running around all week looking for things to do...

I don't think i'd be out of work for to long as i've plenty of good contacts but still i have a cushy number 0.5 miles from the house which pays well so i wouldn't wanna part with that...

[bingobus]

In the office we are prob in unusual situation at present, small accountancy firm with growing client mix across a range of sectors. At minute and for last 6 months we have taken on new cleints (lot of once off tax stuff such as estates, CGT,etc) as well as the usual new business. We can't get any new staff with any experience.

Have advertised for qualified or near qualified staff and never got any replies. Not a one. Maybe people aren't willing to take the leap in the current climate and move job.

[Norf Tyrone]

The place I work has a few Polish lads in it. Some of them have handed in their notice, and are heading home, even though there jobs here are fairly safe!

Apparently things are brighter around Poland these days in comparison.

[pintsofguinness]

How's everyone getting on?
You get sorted mayo4sam?


Got bad news this morning on the work front, unless there's a miracle I'll be out of work by Christmas 
Just gutted.