|Well the precedent was struck before the current arrangement with Ballymore in neighbouring Ealing with GlenKerrin. There have been five other tie ups with Irish developers that also went belly up going back well before the current economic state.
The warning signs were there and if you are involved in such matters you should have your eye on the ball and do your homework.
After all if you get the builders in or need a major repair to your car you get 3 or more quotes and check out the work quality.
Just because there is an economic downturn albeit a prolonged one does not mean getting value for money or reliable trustworthy developers. It makes it much harder but we generally have economic downturns every 7 years so it is something that has to be factored in to any long term strategy.