independent

Wednesday 16 April 2014

First insolvency deal involving a family in mortgage trouble approved

RIGID: Lorcan O’Connor of the Insolvency Service
Lorcan O'Connor of the Insolvency Service

The first insolvency deal involving a family with mortgage borrowings was approved by creditors at a meeting today.

Mitchell O'Brien, a Dungarvan-based personal insolvency practitioner, said it showed the new system of dealing with personal debt was working.

Mr O'Brien confirmed that the deal would leave the borrower with a sustainable debt and all the creditors, including three large banks, supported the arrangement.

The case involved an owner-occupier mortgage and a buy-to-let loan.

The total amount of debt involved was €600,000.

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