Courts / Clare / Report
PIA allowing construction boss write off almost €3m in debts is approved
Summary
The High Court approved a Personal Insolvency Arrangement for Mr Ciaran O'Neill, a 59‑year‑old construction manager, allowing him to write off almost €3 million in debt. Under the arrangement, Mr O'Neill will contribute €163,000 over six years, making monthly payments between €685 and €1,025. Creditors include Promontoria Aran and Promontoria Scariff DAC, AIB and AIB Mortgage Bank, Bank of Ireland, the Revenue Commissioners, and numerous trade creditors. The PIA permits Mr O'Neill to retain his family home at Rockville, Killegar, Ballybetagh Road, Enniskerry, Co. Wicklow. The court noted that unsecured creditors will receive 2 cents per euro under the PIA, compared with 1 cent per euro in bankruptcy. No objections were raised to the arrangement, though some creditors voted against the proposals. The arrangement was approved by Mr Justice Mark Sanfey on Monday.
Who, what, where, when and why
What: Report matter: PIA allowing construction boss write off almost €3m in debts is approved. Procedural stage: hearing_or_decision
When:
- 2021-02-01 Publication
Places mentioned
- The High Court
- High Court
- Ballybetagh Road
Topics
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