Courts / Dublin / Report
Company director writes off €3m in debt for €8k payment
Summary
The High Court approved a Personal Insolvency Arrangement (PIA) for 60‑year‑old Patrick Reilly, a company director, allowing him to write off more than €3 million of debt owed to financial institutions and retain his family home in Dublin for a payment of just over €8 000. Under the 24‑month scheme, Reilly will sell two Dublin properties and one in Mountrath, Co. Laois, and will restructure and extend the mortgage on his family home at Clanree Road, Donnycarney. He will also pay a total of just over €8 000 toward his unsecured debts. The PIA will give unsecured creditors a dividend of 0.07 % of what they are owed. No objections were raised, and Mr Justice Alexander Owens deemed the arrangement just and equitable, noting that it will return Reilly to solvency upon completion.
Who, what, where, when and why
What: Report matter: Company director writes off €3m in debt for €8k payment. Procedural stage: hearing_or_decision
When:
- 2023-11-06 Publication
Places mentioned
Topics
Related court reports
- Man charged with having 56k child abuse images and videos remanded on bail
- Ex-Dáil hopeful's allegations against former employer 'complete fantasy', WRC told
- Mater must pay €10k to worker who said he was wrongly accused of abusing patient
- 'I think we know I won't be getting bail' - Daniel Kinahan charged with directing criminal organisation
- Letting agent who claimed alleged domestic violence victim abandoned tenancy by fleeing to refuge must pay €14.7k
- 77-year-old with 470 convictions told Luas staff to 'f**k off'
If a fact, identity, locality or legal outcome needs review, email the newsroom with this report's details prefilled.
Email a correction request