Courts / Cork / Report

Court declines to approve PIA for car sales exec

Summary

The High Court refused to approve a Personal Insolvency Arrangement (PIA) for Mr Keith Cremin, a 49‑year‑old car sales executive from Subulter, Mallow, who owed about €190,000 to several creditors, including Pepper Finance Corporation DAC, Bank of Ireland, Everyday Finance and the Revenue Commissioners. The PIA, proposed by a Personal Insolvency Practitioner, would have required Cremin to make monthly contributions of €690 to €866 over 24 months, with a net payment of roughly €18,000 to creditors, and to continue interest‑only payments on his mortgage until the end of the period. Pepper opposed the arrangement, arguing that it would result in a substantial write‑off of a loan that had not defaulted. Judge Mark Sanfey held that approving the PIA would be unfair to Pepper, noted that Cremin had no pressing insolvency issues beyond the motor business collapse of 2008, and deemed the application premature.

Who, what, where, when and why

What: Report matter: Court declines to approve PIA for car sales exec. Procedural stage: hearing_or_decision

When:

• 2021-02-09 Publication

Why: Mr Cremin had taken out loans to purchase equipment for the business and tried to deal with his debts, but sought a PIA because he was unable to meet payments. CNI source report

Places mentioned

Topics

Stage Hearing Or Decision

Related court reports

• 'You've to get the morning after pill': man who was 18 when he raped girl (15) gets seven years
• High Court to hear allegation of State 'cover up' surrounding death of 25-year-old
• Murderer of Conor Quinn fails in bid to overturn conviction
• Uncertain whether statement of 'pivotal' murder trial witness was true account, appeal told
• Terms of injunction being complied with, immigrant charity tells High Court
• Charity helping Ukrainian refugees gets injunction against 'ex' CEO after 'chaotic' week

Read the original CNI report