A High Court judge has refused to approve a pensioner’s Personal insolvency Arrangement which would have seen her continue to make mortgage repayments on her home till she was 98 years of age.
The ruling was made in a Limerick appeal in what is being regarded as a key test case.
Mr Justice Mark Sanfey dismissed the application after finding that 69-year-old Ann Fennell, who owes Ulster Bank 72,500, would not be reasonably likely to be able to comply with the terms of the proposed PIA.
The bank opposed the PIA, which proposed to restructure the length of her mortgage repayments to a term of 348 months from the coming into effect of the proposed arrangement.
Insolvency arrangement
If the proposal was approved, Ms Fennell would be making …
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