Wednesday 21 March 2018

Folk band siblings get protection from debts

Padraic O Farachtain
Padraic O Farachtain
Aisling Ni Fharachtain

Ray Managh

A BROTHER and sister who performed in a folk band have become the second and third individuals to be given court protection against their creditors under the Government's new personal insolvency scheme.

Schoolteacher Aisling Ni Fharachtain and her brother Padraic O Farachtain had liabilities totalling €545,873, the Circuit Civil Court was told.

Ms Ni Fharachtain was a vocalist and her brother played keyboards with folk and pop band, Bevel Jenny. The band made appearances on RTE, TV3 and TG4 as well as having been associated with a BBC2 documentary.

Although their applications were dealt with separately by Judge Susan Ryan, both were represented by Personal Insolvency Practitioner (PIP) Tom Murray, a partner in Friel Stafford's insolvency practice.

It was revealed that Ms Ni Fharachtain and Mr O Farachtain owed mortgage debts of €99,335 and €152,730 to KBC Bank.

Ms Ni Fharachtain was shown to owe Bank of Ireland a mortgage liability of €202,779 on her principal private residence – which was said not to qualify as a debt to be taken into consideration under the personal insolvency court procedure.

She had total qualifying liabilities of €261,466 and total assets of €148,600. Mr O Farachtain was shown as having a Bank of Ireland non-qualifying mortgage liability of €546,846 on his principal private residence.

He was also shown to owe Civil Service Credit Union €17,759.65; a credit card debt of €10,270.82 to Allied Irish Banks; and a further credit card debt of €4,311.43 to Avantcard.

Judge Ryan said she was satisfied the liabilities satisfied the terms of the Insolvency Act.

Mr Murray will now have 70 days in which to attempt to reach debt settlement arrangements on behalf of Ms Ni Fharachtain and Mr O Farachtain with their creditors.

Irish Independent

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