Farrell reveals personal bankruptcy

Darrell
Darrell Cole
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Doesn’t want a whisper campaign

Cumberland North Liberal candidate Terry Farrell confirmed that he is the midst of personal bankruptcy, saying he believes in openness and transparency among politicians.

AMHERST – Terry Farrell says he has nothing to hide.

Amid the MLA expense controversy and the ongoing Senate scandal, the Cumberland North Liberal candidate says those running for public office should be prepared to be open and transparent.

That’s why he’s releasing information about bankruptcy proceedings he is going through.

“I’ve said all along that I have nothing to hide and I believe in being open and clear with the people I hope will elect me as their next MLA,” Farrell said. “I saw an opportunity to get involved in a land development project and I took it. The project didn’t go very well and myself and two other partners lost the project. I lost a lot of money, too much to realistically pay back, and in the interest of my family and staying on my feet I went through personal bankruptcy.”

Farrell said he is making payments to his bankruptcy trustee and expects to be discharged later this year.

Farrell, a lawyer with Hicks LeMoine, said the project was based in Lower Sackville and distance and economic conditions at the time played a role in its collapse in 2008.

“I think we were affected by the big housing slowdown,” Farrell said. “It was designed to have 80 building lots.”

With a provincial election expected either later this year or early in 2014, Farrell said he decided to go public about his bankruptcy because he believes about being open and honest with the voters.

“I don’t want to have a whisper campaign or have people thinking that I’m trying to conceal something. I want people to know the story and make their choice,” Farrell said.

The Liberal candidate said he notified the party and leader Stephen McNeil about the bankruptcy before he sought the nomination and he also informed the bar association.

“It has not affected my ability to practice law or deal with trust funds. I report regularly to them and they know the situation and it has not affected by legal privileges,” Farrell said.

McNeil said Farrell was very forthcoming when he approached him about being the party’s candidate in Cumberland North.

“From the very first time we met he told me what was going on,” McNeil said. “I appreciate that and admire the fact that he put it all on the table so I wouldn’t be surprised.”

McNeil said he asked Farrell the steps he was taking in putting his life back together and dealing with his debt issue.

“Things happen in all our lives that are difficult sometimes. It’s how we respond to them that really counts in my eyes and Terry has responded to this in a very open, forthright and honest way and we have developed a very professional and personal friendship with him. I’m very proud to have him out there working on our behalf and with us part of the Liberal team.”

McNeil said there was never a question of whether he should run for the party.

darrell.cole@tc.tc

Twitter: @ADNdarrell

Organizations: Cumberland North Liberal

Geographic location: Lower Sackville, Cumberland North

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  • sparky
    July 13, 2013 - 03:30

    Yet he who is without sin throw the first stone. What does a bad investment have to do with him being our MLA? I have met him, and he is a good and honest man, which shows in coming out with this instead of trying to hide it. Maybe he learned from it and would be better then the current NDP. By the way, how is that Daewoo investment working out?

  • David Beaton
    July 12, 2013 - 08:01

    I think it is courageous and commendable for Terry to disclose something that is very personal. As Joe pointed out, financial situations can change at any moment. No one (not even the big insolvent banks such as Bear Stearn or Lehman Brothers) saw the subprime mortgage meltdown that spawned a global recession. Unfortunately, real estate investors such as Terry were the casualties. However, it is a shame for keyboard warriors to slag someone like Terry, who essentially took a risk that failed on him. A risk that could have happened to anyone and has no relevance on the public servant sector. The mere fact that he chose to disclose such a personal matter for open transparency shows his character: he is ethical, professional, friendly and community oriented. Which is part of the reason I am seriously considering voting for him.

  • Joe
    July 11, 2013 - 17:38

    Most people do not realize that many times going bankrupt may be entirely out of your control. Many unavoidable circumstances can happen anytime to anyone. Loss of employment, health issues, divorce, death of a spouse, a bad investment. With the economy the way it is most of us are just a pay cheque or two away from financial problems. Many bankruptcies involve honest hardworking people who just had some very bad luck. Please don't judge too quickly. I think it is admirable that Terry brought this out in the open.

  • Dorothy Parker
    July 11, 2013 - 08:57

    Before everybody jumps down Mr. Farrells throat, maybe they should get all the facts, which I don't have, but I do know Terry to be an honourable man with excellent work ethics and a desire to make a difference in the community. The fact that he was very up front about his predicament speaks volumes to me ...no excuses, no cover ups , just putting it all out there...give him a chance guys !!!

  • BorderTown Bob
    July 10, 2013 - 22:57

    This is an eye-opener. How can someone in this situation presume to run the PROVINCIAL economy.

  • Jackson
    July 10, 2013 - 19:54

    Nova Scotia has the highest number of bankrupcies in Canada according to the Federal government at 59 per 10,000 in the last year available (2011). I guess none of the other 99.41% of residents who properly mange their finances in Cumberland North were available? Shame on Mr. McNeil. Absurd lack of judgement Mr. McNeil! Terry, step down and show respect for the rest of us who live within our means. This would not stand in most jurisdictions.