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.