Law Firm wins landmark case to keep a widower in his home by debt for equity swap

Law firm wins landmark case blog graphic

Category: Company Insights

Law Firm wins landmark case to keep a widower in his home by debt for equity swap.

Legal history was made this week in Trim circuit court. Concerning, a 67-year-old widower who was in mortgage debt and risked losing his home, a proposal for an insolvency arrangement was put forward to swap his debt for equity. This resulted in his mortgage loan written down from €139,500 to €18,500.

The arrangement meant that the creditor (Start Mortgages) was given 85% equity share of the property and the debtor left to pay 15% of the value of the property, in monthly instalments, without the risk of a forced sale.

This is the first Debt for Equity solution of its kind and is claimed to be a landmark ruling. The legal team involved in the case Gibson & Associates Solicitors are pleased with the outcome, solicitor Amanda Walsh, commented:

“This is the first debt for equity solution that has been approved after a fully contested hearing before the Court. We were delighted to be able to assist the debtor in this instance, and in conjunction with his personal insolvency practitioner provide a solution for him.”

Amanda Walsh Solicitor

Amanda Walsh Partner at Gibson & Associates Solicitors

Call us today on +353 1 264 5555 or complete our Online Enquiry and we’ll be delighted to help you.

You May Also Like…

How to close a Law Firm

How to close a Law Firm

There are several reasons why a law firm may close down in this article we will discuss how to close a law firm....