Personal Insolvency Arrangement allowing a couple to write off more than €6m of their debts.

Category: General Litigation

Personal Insolvency Arrangement

Gibson & Associates Solicitors acted in a case that resulted in the High Court writing off the debts of a retired Garda, and his wife Jean Errity, a civil engineer. The couple had debts including €6.1m owed to Ulster Bank, €419,000 to Permanent TSB, €150,000 to a building company called MOF Construction Ltd, and €160,000 to Pepper Finance.

As part of the agreement, the couple will keep their home and continue to make mortgage repayments on the property. To fund the personal insolvency agreement, the couple will have to sell off two investment properties. Other family members are contributing €40,000 towards the debt. The court was asked to approve the agreement as the couple’s creditors would not be better off if the couple filed bankruptcy.

Gibson & Associates litigation team acted on behalf of the couple, this is the firms’ second recent success in a similar litigation case. Financial institutions that were creditors to the couple argued against the agreement, but the Judge claimed that a bankruptcy situation would not benefit the lenders.

Read more about the case in the media

The Irish Times

Independent.ie 
 

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