'Debt for equity' swaps can't be approved without creditor's consent, judge finds

The High Court has ruled that debt-for-equity swaps cannot be approved within personal insolvency arrangements without the explicit consent of the relevant secured creditor. Mr Justice Denis McDonald delivered the judgment in dismissing an appeal brought by a Sligo woman against a Circuit Court refusal to approve her Personal Insolvency Arrangement. The applicant had proposed offering her bank over 43 per cent…