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A secretary has secured High Court approval for a personal insolvency arrangement (PIA) which involves some 3.6 million of her total 4.16 million debts being written off for a payment of 3,000.
Under the terms of the PIA, Mars Capital Finance Ireland DAC, a secured creditor of Winifred Swaine (59), will be paid its total debt of some 404,000.
Everyday Finance Ireland DAC, a secured creditor owed 1.8 million under a judgment mortgage, had that debt treated as an unsecured liability. It will get 1,816 under a dividend plus a lump sum payment of 72,000 from Ms Swaines former husband.
Everyday and two unsecured creditors, Bank of Ireland and Pepper Corporation, were owed a total 3.6 million and all three had voted against the PIA, under whic…
Read the full article at: https://www.irishtimes.com/crime-law/2023/05/15/woman-59-has-36m-debt-written-off-for-3000-payment-under-personal-insolvency-deal/