The couple, who have three young children, had been seeking approval for a deal which would have seen debts of 739,000 written down to 360,000, effectively wiping out their negative equity.
They argued the proposal, which was signed off by a personal insolvency practitioner (PIP), gave the bank a better deal than if they had to file for bankruptcy. However, KBC rejected the PIA.
The couple then sought to apply under Section 115A of the Personal Insolvency Acts for a court review of KBCs decision to veto the proposal.
The bank opposed this, arguing the couple did not have the standing to make the application.
At Dublin Circuit Court Judge Susan Ryan ruled that that Section 115A clearly meant debtors PIPs, and not the debtors the…
Read the full article at: http://www.independent.ie/irish-news/courts/kbc-ruling-set-to-impact-on-a-raft-of-personal-insolvency-cases-36106555.html
