Picking up the pieces after the property bubble burst

It is a typical Celtic Tiger story. Tom Darcy, a former taxi driver turned property developer, gambled on a property play in Howth and lost.

For the past four years, Darcy has fought against financial ruin, as his bank called in his debt. Lacking the cash to pay significant legal bills, Darcy fought in court as a layman, representing himself against AIB. For a long time it looked to be a losing battle. Two weeks ago, he walked out of the Supreme Court having won back possession of his property – for the moment, at least.

Darcy and his wife looked to avail of the housing boom by building some of the largest homes in Dublin in a small estate near the seaside town. However, the development became mired in planning issues and failed, leaving Darcy with a heavy debt and few ways to pay it.

Darcy’s bank, AIB, registered a €17.4 million judgment against him and sought possession of four of his properties, including the house he has described as his family home. Facing ruin, Darcy took to the courts and began a long legal battle with the bank.

Long legal cases, however, are not cheap and soon Darcy ran out of money, losing his legal representation and facing up to the prospect of permanently losing his home, a now derelict site which was destroyed by fire and has not yet been rebuilt.

Rather than give up, Darcy took the unusual step of representing himself in court, with little legal know-how or experience. For the last few years it has been a losing battle, as he was repeatedly beaten in court.

Two weeks ago, Darcy walked into the Supreme Court fearing the worst. He expected the outcome he had become accustomed to. One of the final appeals against the manner in which AIB took possession of his properties looked set to fail. When the judgment in his favour was read out, Darcy could hardly believe it.

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