Courts / Clare / Report

Man has almost €60m in debt written down as court approves PIA

Date
2020-01-20

Stage
Hearing Or Decision

Primary locality
Ennis

County
Clare

Summary

The High Court approved a Personal Insolvency Arrangement for Enda Patrick Whelan of Ennis, allowing him to write down almost all of his €60 million debt. The arrangement covers debts to National Asset Loan Management (about €56.4 million), Bank of Scotland (€1.46 million), Cabot Asset Purchases Ireland (€1.44 million), and Everyday Finance Ltd (€905,000). Under the PIA, Whelan will pay approximately €50,000 to creditors over the next 12 weeks. The court noted that the creditors will receive a very small amount—ranging from 1.3 cents to 0.01 cent per euro—rather than nothing if he were declared bankrupt. Whelan and his family will keep their three‑bedroom home, continue mortgage repayments, and the judgments against him will be deregistered upon successful completion of the PIA. The arrangement was approved after Nama consented following alterations to the terms. The judge was satisfied that the PIA should be approved.