The High Court has declined to approve a Personal Insolvency Arrangement (PIA) that would have allowed a car sales executive to write off approximately190,000 in debt mainly owed to financial institutions.
The PIA was sought in respect of Keith Cremin of Subulter, Cecilstown, Mallow, in County Cork.
He owed money to Pepper Finance Corporation DAC, which opposed the PIA, Bank of Ireland, Everyday Finance and the Revenue Commissioners.
In a judgement, Mr Justice Mark Sanfey held that it would be unfair to impose the PIA, involving a very substantial write off of a preforming loan where no default arises, on the objecting creditor.
Mr Cremin, the judge said, has no other pressing insolvency issues and the application for a PIA, which was…
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