Courts / Louth / Report
Accountant sees €5m in debts written off for €15k under settlement arrangement
Summary
On 2 October 2023, Mr Justice Alexander Owens approved three Debt Settlement Arrangements in the High Court. The first allowed 51‑year‑old Brian Carrig, a self‑employed accountant from Ashfield, Drogheda, to write off more than €5 million of debt for a lump payment of about €15 000. The arrangement, lasting six months, aims to restore Carrig's solvency and gives creditors only 0.32 % of what they are owed; it is funded by a €20 000 payment that includes a fee for his Personal Insolvency Practitioner. The second arrangement, for 56‑year‑old David Hoban, a former building contractor, permits the write‑off of over €1.3 million for a €20 000 payment over 60 months, with 81 % of creditors accepting. The third arrangement concerns 47‑year‑old Daniel Desmond, an IT director, who will write off €2.2 million of debt for a €70 000 payment over 12 months; all creditors voted in favour.
Who, what, where, when and why
What: Report matter: Accountant sees €5m in debts written off for €15k under settlement arrangement. Procedural stage: hearing_or_decision
When:
- 2023-10-02 Publication
Places mentioned
- High Court
Topics
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