A vulture fund objected to a financial rescue plan for a heavily indebted Co Offaly firefighter, arguing that he could pay more off his mortgage from his familys child benefits.
The High Court overruled the objections of Promontoria, owned by US private equity giant Cerberus, on Monday, approving a 75,000 write-down on the debts of Gregory Donagher of Portarlington to match the 90,000 market value of his home.
The decision gives the 46-year-old a fresh financial start and means he avoids bankruptcy.
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Read the full article at: https://www.irishtimes.com/news/ireland/irish-news/vulture-fund-wanted-firefighter-s-mortgage-paid-from-child-benefit-1.3908645
