Courts / Kilkenny / Report

Ex newspaper owner will pay mortgage into his 80s under insolvency plan

Summary

The High Court approved Personal Insolvency arrangements for former newspaper owner John Sheils and his wife Susan Casey, allowing them to keep and continue paying mortgage on their 702‑sq‑m house, Annamult House, in Bennetsbridge, Co. Kilkenny, until they reach their mid‑eights. The house, rebuilt after a 2009 fire, also serves as their business venue. They owe about €2.9 million to creditors including Start Mortgages, Pepper Finance, AIB, Bank of Ireland, Everyday Finance and Promontoria Oyster. Under the PIA, they will make mortgage repayments for 336 months (28 years). To fund the arrangement, they will sell assets such as a Blackrock house and a Lucan site, and write off roughly €70,000 of debt. The PIA, lasting 13 months, aims to restore solvency after completion. The judge, Mr Justice Mark Sanfey, expressed some hesitation about the long repayment period but approved the plan due to creditor support.

Who, what, where, when and why

What: Report matter: Ex newspaper owner will pay mortgage into his 80s under insolvency plan. Procedural stage: hearing_or_decision

When:

• June 2009 Hearing Or Sentence
• 2021-07-05 Publication

Why: However, the judge said he was approving them because the proposals had been supported by the creditors. CNI source report

Places mentioned

Topics

Stage Hearing Or Decision

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Read the original CNI report