Courts / Dublin / Report

Fund objects to €70m write-off under personal insolvency plan

Summary

A financial fund, Promontoria (Arrow) Ltd, is objecting to a personal insolvency arrangement (PIA) proposed for businessman Conor Clarkson, who would write off over €70 million in debts. Clarkson, a former property developer, seeks court approval of the PIA to restore solvency and retain his family home. The PIA includes a €100 000 lump sum from a relative, available to creditors, and a sale strategy for his properties. Promontoria claims the PIA prejudices it, as it is owed €64 million—about 94 % of its total debts to Clarkson—and voted against the PIA at a creditor meeting in January. The fund's objection was filed outside the 14‑day window, citing a mistaken belief of a March 1 deadline. Promontoria's lawyer, Eoin Martin BL, requested an extension; the court, presided over by Mr Justice Denis McDonald, considered the request and noted the PIA's prudent stance. The case will be revisited later this year.

Who, what, where, when and why

What: Report matter: Fund objects to €70m write-off under personal insolvency plan. Procedural stage: hearing_or_decision

When:

• March 1st Hearing Or Sentence
• 2019-03-25 Publication

Why: In a sworn statement, Promontoria said its objection was filed outside the permitted 14 day period because the person handling the case on its behalf mistakenly believed they had until March 1st last to file the objection. CNI source report

Places mentioned

Topics

Stage Hearing Or Decision

Related court reports

• Man charged with having 56k child abuse images and videos remanded on bail
• Ex-Dáil hopeful's allegations against former employer 'complete fantasy', WRC told
• Mater must pay €10k to worker who said he was wrongly accused of abusing patient
• 'I think we know I won't be getting bail' - Daniel Kinahan charged with directing criminal organisation
• Letting agent who claimed alleged domestic violence victim abandoned tenancy by fleeing to refuge must pay €14.7k
• 77-year-old with 470 convictions told Luas staff to 'f**k off'

Read the original CNI report