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Bank would fare better under proposed insolvency arrangement than on sale of co-owned property in lieu of partition
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High Court, on appeal from Circuit Court, affirms order approving a personal insolvency arrangement under which mortgage debt was to be written down from €624K to €451K and the balance treated as unsecured debt, and rejecting the objections by a mortgagee, on the grounds that: (a) the mortgagee would fare better under the proposed arrangement than if they sought to enforce the mortgage by seeking sale in lieu of partition of the co-owned property; and (b) the bank had not been deprived of any rights against the borrower.
Personal involvency - appeal from Circuit Court - objection of bank to application under s. 115A (9) of the Personal Insolvency Act, 2012 - confirmation of personal insolvency arrangement - husband discharged from bankruptcy in 2014 - mortgage loan of €624K - other smaller debts - promised write down of loan to €451K - balance to be treated as unsecured debt - extension of term of loan to 23 years - whether arrangement was unfair and inequitable to bank - conduct of borrower - whether alternative proposal was affordable - whether bank deprived of rights against borrower.
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