A businesswoman who became insolvent following the collapse of the construction sector in the mid-2000s has had the vast majority of her 14.3m debt written off under a personal insolvency arrangement (PIA).
haron OReilly (52) owed 11.6m to Nama on foot of personal guarantees and owed 2.7m in mortgage debt to Pepper Finance.
However, under a PIA approved by the High Court, the bulk of this will be written off and she will be able to save her 950,000 family home in Malahide, Co Dublin, which is in negative equity.
The debt deal involves the payment of a lump sum of 41,000 to creditors, proceeds from the sale of a property in Spain in 2017 and additional contributions of 3,866 over a three-year period.
Ms OReillys mortgage term has been e…
Read the full article at: https://www.independent.ie/irish-news/courts/businesswoman-gets-court-deal-to-wipe-out-debts-of-over-14mwill-be-able-to-save-950k-malahide-home-40696184.html
