Courts / Kildare / Report
Insolvency arrangement allows man write off €16m in debt
Summary
The High Court approved a Personal Insolvency Arrangement for 54‑year‑old Dermot King of Bishopscourt, Straffan, allowing him to write off over €16 million of unsecured debt owed to Everyday Finance DAC. King, who had been self‑employed trading as DMK Property Limited from 2004 to 2017, owed the fund €17.2 million. Under the arrangement, he will keep his €1.5 million family home, continue mortgage repayments for 25 years, and sell his interests in an investment property in Rosslare, part of the land on which his home sits, and an investment property in Athy to reduce the debt. He will make a €23 000 payment, of which €13 000 will go toward the unsecured debt. The PIA, lasting 12 months, was prepared by Personal Insolvency Practitioner John McCormack and approved by Mr Justice Alexander Owens after counsel noted no opposition and that creditors would fare better than under bankruptcy.
Who, what, where, when and why
What: Report matter: Insolvency arrangement allows man write off €16m in debt. Procedural stage: hearing_or_decision
When:
- 2004 and 2017 Other
- 2023-11-13 Publication
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