The couple had 12m in debt written off in exchange for a one off payment of 145,000, under the terms of the scheme.
The bulk of the money will go to biggest creditor Dunbar Assets, formerly Zurich Bank, and to Revenue. Other creditors will get just cents in the euro under the scheme.
Under the new insolvency regime brought in after the crash the former owners of the upmarket Unicorn restaurant in Dublin needed the written consent of their secured creditors before the arrangement could be approved, because their debts were greater than 3m.
The arrangement, hammered out by personal insolvency practitioner (PIP) Michael McAteer of Grant Thornton, means the couple can hold on to the family home, in Kilternan, in south Co Dublin, whi…
Read the full article at: http://www.independent.ie/business/irish/celtic-tiger-restaurateurs-hold-on-to-800000-home-after-court-approves-12m-debt-writeoff-35508900.html
