When the High Court approved a 12m write-off of debt owed by Pia Bang Stokes and her husband, Jeffrey Stokes – formerly of Unicorn …
Read the full article at: https://www.independent.ie/business/irish/high-profile-or-not-personal-insolvency-works-for-debtors-35521090.html
When the High Court approved a 12m write-off of debt owed by Pia Bang Stokes and her husband, Jeffrey Stokes – formerly of Unicorn Restaurant fame – it sparked fears that our new personal insolvency regime was failing ordinary debtors while working for high-profile ones.
The couple walked away from their debts after their creditors agreed to a lump sum payment of 145,000. Mr and Mrs Stokes also retained their 800,000 home in Kilternan, South County Dublin, although the home carries mortgage debt of about 680,000 on which they pay monthly repayments of some 700.
The Personal Insolvency Act, and the Personal Insolvency Arrangement (PIA) mechanism, works. PIAs return people to solvency whil…
Read the full article at: http://www.independent.ie/business/irish/high-profile-or-not-personal-insolvency-works-for-debtors-35521090.html