Two separate and unrelated insolvency arrangements allowing two debtors to write-off over €12 million owed to financial funds have been approved by the High Court.
The court approved a Debt Settlement Arrangement (DSA) to company director, 63-year-old Mark Quinn, which will see €8.9 million of debt owed to financial fund Everyday Finance DAC written off.
As part of that arrangement, which is to be 12 months in duration, he will make a lump sum payment of over €50,000 to his creditors.
He sought to enter into the arrangement due to difficulties in repaying loans to acquire property that were taken out years ago and were subsequently acquired by Everyday Finance.
His proposal was put together by Personal Insolvency Practitioner Eugene McDarby.
Keith Farry Bl, for Mr McDarby, told the court that Everyday does better under than DSA compared to if Mr Quinn was adjudicated a bankrupt.
The court also heard that for the duration of the DSA Mr Quinn, who works with an advertising company will continue to reside with his partner at an address at Laurence Grove, Clontarf, Dublin 3.
The proposal was not opposed.
Separately, the court also approved a Personal Insolvency Arrangement in respect of Gill McEvoy, a 67-year-old company director with an address at Larchfield Road, Goatstown, Dublin.
The court heard that she owed some €4 million, including some €850,000 on the mortgage of her home, to Pepper Finance Corporation Ireland. DAC.
The court heard that she is a widow and works for Wildan Sports, a sporting brands company set up by her late husband.
Under the terms of her PIA, which is to be six years in duration, the mortgage on her main private residence is to be restructured and extended by a further 288 months.
Under the PIA, she will make a payment of €27,000 which would allow her to write off some €3.5 million of her debt.
Also represented by Mr McDarby and Mr Farry, the court heard that her creditor will do better under the PIA compared to if Ms McEvoy was adjudicated a bankrupt.
There were no objections to her PIA being approved.
Both arrangements, which will allow the parties return to solvency, were approved by Mr Justice Alexander Owens on Monday.
