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High Court dismisses an appeal from the Circuit Court, and holds that a proposed personal solvency arrangement cannot be confirmed, on the grounds that it was not consistent with applicable legislation.
Circuit Court appeal – Circuit Court refused application for an order approving a personal insolvency arrangement under S115A – family home subject to mortgage and possession order – insolvent proposes to transfer beneficial interest in family home to his former wife - Mars Ireland claim the insolvency arrangement is contrary to the provisions of S103 (2) of the 2012 Act (prohibits reduction of principal sum to less than value of the security of the debt) – claim former wife and co-debtor will not sell the property and thus effectively reduces value of security to zero – claim is correct as that is the effect of the arrangement - approach thus inconsistent with S103 (2) – appeal dismissed.
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