Property developer Michael O’Flynn has won his High Court challenge to a personal insolvency arrangement (PIA) secured by his former business partner and neighbour John O’Driscoll.
Judge Nessa Cahill, in upholding O’Flynn’s objection to the PIA coming into effect, found O’Driscoll was “unequivocally not insolvent” in November, 2021.
That means his PIA is deemed at an end and he is now liable in full for debts that would otherwise be covered by it but does not affect payments previously made under it, including to Bank of Ireland and the Revenue.
Among her findings, the judge held, on foot of uncontradicted evidence, O’Driscoll had misappropriated €15,725 from pub operator Ezeon Entertainment Ltd, established by…