A High Court judge has refused to approve a personal insolvency arrangement (PIA) for a golf shop director which would have seen a 198,000 debt secured on the shop in Birr, Co Offaly, written down to 80,000.
Alan McGee, a personal insolvency practitioner (PIP) acting on behalf of Michael Horan, of Rapemills, Banagher, sought approval of the arrangement under the Personal Insolvency Acts.
Mr Horans main creditor, Promontoria (Oyster) DAC, owed some 740,000, of which some 198,000 is secured on the Birr premises, objected to the PIA.
After the Circuit Court refused approval of the insolvency arrangement, the PIP appealed to the High Court.
On Friday, Mr Justice Mark Sanfey dismissed the appeal after finding a relevant debt had not been est…
Read the full article at: https://www.irishtimes.com/business/financial-services/personal-insolvency-arrangement-for-golf-shop-director-refused-1.4508975
