Far-flung lands prove profitable havens for heavily-indebted developers

Having loans in NAMA is no reason for some Irish developers to stop building, especially on foreign shores, writes John Hearne

WHEN West Cork property developer John Fleming petitioned the Southend County Court in Essex for bankruptcy earlier this month, the historical resonance was hard to escape.

Mr Fleming was one of the good guys. A developer as loyal to his West Cork employee base as he was successful. Two years ago, the Sunday Times Rich List reckoned he was worth €138 million, yet he was famously down to earth.