Courts / Meath / Report
€3m debt write-down for Theresa Lowe and Frank McNamara
Summary
The High Court approved personal insolvency arrangements (PIAs) for musician Frank McNamara (59) and his barrister wife Theresa Lowe (56), allowing them to write off almost €3 million of debt. The judge, Mr Justice Denis McDonald, had previously expressed concerns about discrepancies in McNamara's financial documents, particularly between a Standard Financial Statement (SFS) filed in January 2016 and a Prescribed Financial Statement (PFS) submitted in October 2016. He noted that the discrepancies had been explained and that the unsatisfactory approach taken by McNamara and his Personal Insolvency Practitioner should not lead to dismissal of the application. The court postponed the formal order until the assets of McNamara's late father's estate are realised, but confirmed that the PIAs will be effective once that occurs.
Who, what, where, when and why
What: Report matter: €3m debt write-down for Theresa Lowe and Frank McNamara. Procedural stage: hearing_or_decision
When:
- January 2016 Other
- October 2016 Other
- May 2019 Adjournment
- March 20th Adjournment
- 2020-03-02 Publication
Places mentioned
- The High Court
Topics
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