Landmark Personal Insolvency Case
A Personal Insolvency Arrangement was contested by a Vulture fund and so was sent by PIP for a Section 115A Court Review, to the High Court.
Judge Baker in the High Court, enforced the coming into effect of the Personal Insolvency Arrangement, which reduced the Mortgage from €48,1857 to €21,7500 and wrote off Unsecured loans and Credit Card debt of 7 million Euro.
There was a term extension on the Mortgage, and the Mortgage rate was fixed at 1.25% for the remaining 21 years of the life of the Mortgage.
The home was not a Trophy home and was suitable for the needs of the Family.
The PIA was a better outcome than Bankruptcy.
The Vulture Fund was Promontory Oyster DAC.
Ruling was delivered on February 19th 2018.
The Mortgage was in Arrears as at 1/1/2015, which is essential in order to get a Section 115A Court review.