Courts / Tipperary / Report
Sisters-in-law have millions in debt written-down
Summary
The High Court approved Personal Insolvency Arrangements for Una and Margaret Kinsella, allowing them to write down millions of euros in debts owed to banks and Ennis Property Finance, an affiliate of Goldman Sachs. The arrangements let the sisters keep their homes and repay creditors over 12 months. Una, aged 45, owes about €3.8 million to AIB, Permanent TSB and Ennis Property Finance. She will sell investment properties worth €190,000 and restructure her €356,000 mortgage, paying €607 per month for 20 years and a €100 lump sum (€94 to Ennis). Margaret, aged 50, owes €4.2 million to Ennis, BOI, Ulster Bank, AIB and Banca March. She will sell investment properties, restructure her €257,000 mortgage, pay up to €650 per month for 20 years and a €100 lump sum (€88 to Ennis). The court found the arrangements more favourable to creditors than bankruptcy.
Who, what, where, when and why
What: Report matter: Sisters-in-law have millions in debt written-down. Procedural stage: hearing_or_decision
When:
- 2020-03-11 Publication
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