Courts / Cork / Report

Judge refuses to approve insolvency arrangement for businessman with €3m in debts

Date
2021-11-16

Stage
Hearing Or Decision

Primary locality
Cork

County
Cork

Summary

In a High Court decision on 16 November 2021, Mr Justice Mark Sanfey refused to approve a Personal Insolvency Arrangement (PIA) for Mr Daniel Drew, a single businessman in his mid‑forties who operates a petrol and convenience store in Turner's Cross, Cork. The judge held that the court had no jurisdiction to consider the PIA, which had been rejected by Mr Drew's creditors in 2019. Mr Drew's debts exceeded €3 million, and the proposed PIA would have lasted six months, allowing him to retain a Rosegreen, Cashel property and pay creditors a €42,000 lump sum. The judge found no evidence that Mr Drew resided at the Rosegreen house at the time of the proposal, contrary to his sworn statement, and dismissed the PIP's application to confirm the arrangement. The decision noted the PIP's attempt to vary the PIA to 72 months and include rent payments, but the court declined to approve the proposal.