The first case of a heavily indebted borrower overturning the veto of a bank which had blocked their ability to get a debt write-off through insolvency has proceeded through the courts.
The individual had 2.8m of debt and secured a write-off of half of their borrowings.
The individual will be able to retain the family home.
Their Personal Insolvency Practitioner, Kerry O’Neill of R Hendy & Co, had prepared a Personal Insolvency Arrangement.
However, the deal was blocked by Pepper, which was acting as agent for an investment fund which had bought loans from Bank of Scotland Ireland.
In the High Court, Justice Marie Baker approved the application which sought to overturn the rejection of the proposal under new legislation introduced …
Read the full article at: http://www.rte.ie/news/business/2016/0419/782857-personal-insolvency/