Courts / Waterford / Report
Ex-FF Councillor gets €4.4m debt write-off
Summary
The High Court approved a Personal Insolvency Arrangement for former Fianna Fáil councillor Thomas 'Eddie' Mulligan, allowing him to write off more than €4.4 million in debt while retaining his family home. Mulligan, 55, contributed just over €9,000 to creditors and fees for the arrangement. He had served on Waterford City and County Council from 2014 until his resignation in August 2022 and had run unsuccessfully for Fianna Fáil in the 2020 General Election. The court heard that his financial difficulties stemmed from the 2008 recession, when he borrowed money and gave personal guarantees for loans used to invest in property assets. Those assets, including retail and commercial units, lost value and rental income fell, leading to a need to sell them to repay debts. Mulligan's main creditors are Pepper Finance, Everyday Finance DAC, Bank of Ireland, and a local Credit Union. He entered insolvency and engaged Personal Insolvency Practitioner Mitchell O'Brien.
Who, what, where, when and why
What: Report matter: Ex-FF Councillor gets €4.4m debt write-off. Procedural stage: hearing_or_decision
When:
- August 2022 Hearing Or Sentence
- 2023-03-27 Publication
Places mentioned
- The High Court
- High Court
- Dunmore Road
Topics
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