Courts / Louth / Report

Insolvency arrangement allows man write off €900k debt

Summary

The High Court approved a Personal Insolvency Arrangement (PIA) for 41‑year‑old Gerard Conlon of Farndreg, Coxes Demense, Dundalk, Co. Louth, allowing him to write off about €900,000 of debt owed to Pepper Asset Servicing. Conlon, a former self‑employed retail businessman whose shop closed in 2019, entered the insolvency process after borrowing to buy properties between 2000 and 2008, which later fell in value and were repossessed. The PIA, lasting 15 months, lets Conlon remain in his family home and continue paying his mortgage for 29 years, as well as payments to Revenue. A €8,800 third‑party contribution and a property in Dundalk will fund the arrangement, and a small amount will be paid to unsecured creditors. The court, presided over by Mr Justice Alexander Owens, found no objections to the PIA and noted creditors would benefit more than if Conlon were declared bankrupt.

Who, what, where, when and why

What: Report matter: Insolvency arrangement allows man write off €900k debt. Procedural stage: hearing_or_decision

When:

• 2000 and 2008 Other
• 2022-11-14 Publication

Why: Counsel said Mr Conlon entered into the insolvency process because of debts incurred after he and a relative borrowed money to fund the purchase of several properties between 2000 and 2008. CNI source report

Places mentioned

Topics

Stage Hearing Or Decision

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Read the original CNI report