The couple will have 12m in debt written off in exchange for agreeing to pay creditors 145,000, under the terms of the scheme.
The bulk of the money will go to the biggest creditor, Dunbar Assets, formerly Zurich Bank.
The couple had already lost control of prized assets, including the famous Unicorn restaurant and investment property in Dublin that has been repossessed.
The Unicorn has been one of the most fashionable restaurants in Dublin for decades, playing host to the likes of former US president Bill Clinton and rock star Bono. But the family has been mired in financial troubles in recent years.
Revenue is a preferred creditor in insolvency cases. It is understood the tax bill involved in the case of Mr Stokes adds up to arou…
Read the full article at: http://www.independent.ie/business/irish/exunicorn-owners-keep-home-despite-12m-debt-writeoff-35511792.html
