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High Court, on appeal from the Circuit Court, grants order approving a personal insolvency arrangement (PIA), notwithstanding the fact that the debtor had a poor history of making payments to the bank, on the grounds that the proposed PIA was fair to all the creditors.
Appeal by personal insolvency practitioner (PIP) - refusal of Circuit Court judge to confirm a personal insolvency arrangement (PIA) - rejection of PIA at a meeting of creditors - reason for refusal being a poor history of payments by debtor - s. 115 A of the Personal Insolvency Act 2012 - debt to bank of €511K secured on property work €265K - meeting of creditors - vote by Revenue Commissioners in favour of proposal - vote by bank creditors against proposal - power of court to over-rule vote of creditors - matters court must have regard to - conduct of debtor - effect of bankruptcy on business and employment - alleged lack of candour by debtor.
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