High Court approves 24-month insolvency arrangement for Patrick Reilly

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

The High Court approved a 24-month personal insolvency arrangement for company director Patrick Reilly, allowing him to write off more than €3 million in debt while paying just over €8,000 towards unsecured debts. The arrangement also allows him to retain his family home, with its mortgage to be restructured and extended.

Under the agreement, Reilly is to put up for sale two properties in Dublin and one in Mountrath, County Laois. Unsecured creditors will receive 0.07 per cent of what they are owed. The court heard that there were no objections to the plan, and Justice Alexander Owens found it just and equitable to approve it. When completed, the arrangement is expected to return Reilly to solvency.