Court protection for dad in €1.77m debt
Published 10/01/2014 | 02:30
A MARRIED father with liabilities of €1.77m has been given court protection to allow him to strike a debt deal with banks and other creditors.
The Insolvency Service of Ireland (ISI) confirmed that the €1.77m is the largest amount involving an insolvent person to have a protection certificate granted, among the handful of personal insolvency cases that have come before the courts to date.
At a sitting of Ennis Circuit Court yesterday, Judge Patrick Meaghan approved the protection certificate for the Personal Insolvency Arrangement for the Clare engineer who has been forced to go abroad to Finland to find work.
Figures shown to the court show that the married father of one has liabilities totalling €1.77m with assets valued at €394,900, including his half-share of the family home.
The figures displayed show that the man has qualifying monthly income of €5,687 and monthly expenses of €5,994.
The 46-year-old borrowed from financial institutions to finance the purchase of two commercial premises, one in Dublin and one in Limerick, along with two buy-to-let properties.
The man is seeking personal insolvency arrangements as he has secured and unsecured debts owed to 14 creditors.
Representing the man in court, Personal Insolvency Practitioner John Hogan said that the man has kept up the mortgage payments on the family home, but not on the mortgages of the investment properties.
Judge Meaghan said that he was satisfied that the man was insolvent and granted the protection certification which will provide protection to the man over the next 70 days, while Mr Hogan tries to strike a deal with creditors.