Wealthy are protected
Published 24/11/2013 | 01:00
Madam – So now the Private Insolvency Practitioner who was lambasted for saying that in assessing reasonable income he would have to take into account the status of professional people (Gene Kerrigan, Sunday Independent, November 17, 2013) has been proved at least partially right.
If anything, he understated the position by limiting it to the liberal professions. The High Court has confirmed that if you run into serious financial trouble your family may still be able to access income in keeping with the "lifestyle to which you have become reasonably accustomed".
It decided that the family of one of the developers of Priory Hall was entitled to an allowance of €108,000 a year to meet living costs (including, notably, golf club membership of €2,000!).