The High Court has approved a variation to a €2.9 million debt write-down scheme for musician Frank McNamara and his barrister wife Theresa Lowe.
The couple was required to sell off 5.2 acres of land next to their Co Meath home within three months of the personal insolvency arrangement (PIA) coming into effect nearly two years ago.
On Monday, the couple’s deal came back before the court, when Mr Justice Alexander Owens was told they should have been permitted to conduct the sale within 36 months. The judge made orders allowing the extension of time for the land sale.
Barrister Keith Farry, representing the couple’s personal insolvency practitioner, James Green, said the reference to three months was a “typographical error”.
The three-year timeframe for the sale falls within the lifespan of the PIA, which runs until October 2026, he said. Monies raised by the sale will go towards the benefit of creditors, counsel added.
Mr McNamara (62) worked as musical director on the Late Late Show for 20 years while Ms Lowe (59) was an RTÉ TV presenter before qualifying as a barrister.
They had debts totalling some €3.7 million when their PIA was approved in March 2020.
The court then heard that Mr McNamara had lost income in the United States from his work as an orchestral conductor and music composer and the couple borrowed in an effort to get through what they believed were temporary financial difficulties.
Investment fund Tanager DAC was owed the bulk of their debt (almost €2.3 million), but Pepper Finance Corporation (Ireland) DAC has taken this debt over.
The court-approved deal allowed them to write off approximately €2.9 million of their debts, while keeping their family home in Dunshaughlin, Co Meath, which has a current market value of €550,000.
The PIA facilitated a reduction of €1.7 million from their €2.2 million mortgage balance. They will continue to make mortgage payments for another 19 years to meet the outstanding amount.
As part of the scheme, Mr McNamara was also required to pay a large sum to creditors from inheritance from his late father’s estate, as well as from the sale of the 5.2 acres of land.
Earlier this year Mr McNamara spoke of being diagnosed with oesophageal cancer, telling RTÉ Radio One in March that he had been given a positive prognosis and had been treated with surgery and chemotherapy.
