Court ruling is good news for debtors pursuing insolvency deals – Irish Examiner
A High Court ruling clarifying a provision of the Personal Insolvency Acts is good news for a large number of debtors appealing decisions that their applications for court approval of personal insolvency arrangements were made out of time.
Mr Justice Denis McDonald granted an appeal by a debtor against a Circuit Court finding last October that his application, with a view to getting approval of a personal insolvency arrangement, was not “made” within the 14 day period provided for in Section 115A (2) of the Personal Insolvency Acts 2012-2015 (the Acts).
The judge disagreed with the Circuit Court the word “made” in that context also meant “served”.
The debtor owes a total sum of around 755,000 and 60.7 per cent of his creditors had voted in…