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High Court adjudicates debtor bankrupt, rather than adjourning the hearing of the petition, making the findings, inter alia, that: (a) the proposals for a Personal Insolvency Arrangement had already been presented, considered and rejected by the Revenue as petitioning creditor; (b) the statutory provisions created a prima facie entitlement to adjudication with the possibility of the court adjourning the hearing only arising as an exception; and (c) no new matters had come to light and the court's discretion could not be used to require the Revenue to revisit matters.
Application by way of petition pursuant to the Bankruptcy Act 1988 seeking the adjudication of the respondent debtor as bankrupt - criteria of s. 11(1) of the 1988 Act complied with - court therefore required to consider whether appropriate to make order or whether debtor's inability to meet his debts could be better dealt with by way of Personal Insolvency Arrangement, in accordance with s. 11(2) - Debt Settlement Arrangement not possible in the case - indebtedness arises from ten court judgments seeking total of €347,467.74 - sum of €248,219.88 still owing - debtor is a solicitor and his proposal for repayment was to discharge it from practice income - extrapolation by debtor and his financial advisors of his present and prospective fee income - whether s. 14(2) provides only for an exception to a prima facie entitlement for an adjudication - whether the court should exercise its discretion to adjourn the heading to allow the Revenue, being the petitioning creditor, to consider phased payment by the debtor under its PPA scheme.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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