The High Court has overturned Personal Insolvency Arrangements (PIAs) that would have allowed a married couple write off a debt of approximately 250,000 owed to a bank.
In a detailed judgement Mr Justice Mark Sanfey upheld EBS DACs objections to the Circuit Court approving PIAs in respect of Niall McKiernan, a garda sergeant, and his wife Karen Fitzpatrick, a secondary school head teacher.
The Judge said the PIAs in this instance were premature, and unfairly prejudicial to the interests of the objecting creditor.
The judge said the applications raised important issues as to whether the PIAs, enable the creditors to recover the debts due to them to the extent that the means of the debtors reasonably permit, or whether, as the objecting c…
Read the full article at: https://www.irishtimes.com/business/financial-services/high-court-overturns-250-000-insolvency-arrangement-1.4661247
