A High Court test case which would have significantly clarified the law around debt-for-equity personal insolvency arrangements has been struck out on a technicality.
The case was brought by Start Mortgages against a personal insolvency arrangement approved in Trim Circuit Court, which saw a mans mortgage written down from almost 140,000 to 18,500, The Irish Times reports.
The man would have paid Start Mortgages 60 instalments of 332 per month and been allowed to remain in his home indefinitely.
In return, Start Mortgages would take an 85 per cent ownership stake in the home, which it would not be allowed to sell until the man died.
The test case was struck out after Start raised a technical objection about…
Read the full article at: https://irishlegal.com/article/test-case-on-debt-for-equity-personal-insolvency-arrangements-struck-out-on-technicality
