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High Court: (a) determines that a proposed personal insolvency arrangement (PIA) should be approved in principle, notwithstanding the write-down of over €2.7 million to the principal lender; but (b) adjourns the matter to allow one of the borrowers to explain certain matters relating to some property he inherited, where there was a discrepancy between the standard financial statement (SFS) and the prescribed financial statement (PFS).
Application to confirm personal insolvency arrangements - r s. 115A of the Personal Insolvency Act, 2012 - applications opposed by lender with securities over family home - financial difficulties arising from involvement in local politics - debt of over €2 million secured on family home worth €550,000 - other significant debts - proposed write-off of €1.7 million - comparison with bankruptcy - proof of service of application on all parties - class of creditors - whether children's school was a 'class' of creditors - s 81, Bankruptcy Act 1988 - preferential debts - debts to Revenue Commissioners - modest nature of debt to Revenue - sustainability of proposed arrangements - monthly payments of €2,000 - whether extent of proposed write-off represented an unfair prejudice to the principal lender.
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