The High Court has declined to approve a Personal Insolvency Arrangement that would have allowed a car sales executive write off about 190,000 in debts, mainly owed to financial institutions.
The PIA was sought in respect of Keith Cremin, Subulter, Cecilstown, Mallow, Co Cork. He owed money to Pepper Finance Corporation DAC, which opposed the PIA.
His other creditors are Bank of Ireland, Everyday Finance and the Revenue Commissioners.
Default
In a judgment published this week, Mr Justice Mark Sanfey held it would be unfair to impose a PIA, involving a very substantial write off of a performing loan where no default arises, on the objecting creditor.
Mr Cremin has no other pressing insolvency issues and the application for a PIA, formula…
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