Courts / Cork / Report
Insolvency arrangement allows woman to write off €4.2m in debt
Summary
The High Court approved a Personal Insolvency Arrangement for 54‑year‑old Assumpta Gaffney, an accounts administrator married with two children. The arrangement allows her to write off about €4.2 million of debt owed to financial institutions. She will keep her family home at Mountain Lodge, Ballyleigh, Waterfall, Co. Cork, and continue making mortgage repayments on the €550,000 property, which has been restructured. Her creditors include ACC, AIB and Bank of Ireland. The 12‑month PIA includes a one‑off €50,000 lump‑sum payment from a third party to creditors and the surrender of two properties in Ballykisteen, Co. Tipperary, to satisfy part of her debts. The PIA was drafted by Personal Insolvency Practitioner Judy Mooney of McCambridge Duffy and represented in court by Keith Farry BL. The court noted that Ms.
Who, what, where, when and why
What: Report matter: Insolvency arrangement allows woman to write off €4.2m in debt. Procedural stage: hearing_or_decision
When:
- 2021-11-03 Publication
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