Personal insolvency arrangement does not unfairly prejudice bank as secured creditor

Personal insolvency - appeal from Circuit Court order (Enright J.) refusing debtor's application to bring into effect a proposed personal insolvency arrangement (PIA) - mortgage fell into significant arrears - arrangement objected to by bank as secured creditor - proposals made - splitting of mortgage together with dividend payment to unsecured creditors - basis of objection - incorrect calculations and no evidence of debtor's ability to repay on proposed terms - conduct of debtor demonstrates financial imprudence - onus on debtor - whether proposals will unfairly prejudice the interested parties - statutory preconditions under section 115(9) - considerations of fairness - splitting of mortgage will render bank's security unenforceable - debtor's position - whether the proposed PIA indicates an intention by secured creditor to forgive the co-debtor - co-debtor's non-involvement with process - question of 'unfair prejudice' - likely outcome in bankruptcy - notice of injustice - unequal treatment - proposal in the round - approach of the court in examinership applications - legislative scheme - continued occupation in principle private residence - debtor led astray by engagement with an unregulated entity - co-debtor's earnings attached by court order thereby provides security into the future - evidence of income - greater likelihood of PIA being met over time - appeal allowed - bank is not unfairly prejudiced - repayment provisions reasonably likely to be met by debtor - preservation of debtor's entitlement to continue to reside whilst secured creditor's claims against debtors will not be deprived - exercise of court's discretion - approval of proposed PIA.