The High Court has approved a Personal Insolvency Arrangement allowing a Co Meath couple to write off over €2.65m of debt owed to mainly financial funds.
Under the terms of the arrangement Thomas and Valerie Johnson will be able to retain their family home at Liscannor Lodge, Drumree Road, Dunshaughlin in Co Meath.
The couple’s creditors included Everyday Fianance, Mars Capital Ireland, Cabot Fianancial and Belgard and Co.
Under the terms of the PIA, which is 12 months in duration, the couple’s mortgage on their family home will be restructured, with a lump sum payment of €200,000 and extended.
They will also make a payment of €1,500 towards their unsecured debts.
The couple entered the insolvency process after becoming insolvent and unable to pay their debts as they fall due.
The matter came before Mr Justice Alexander Owens on Monday, who approved the PIA following an application by Keith Farry Bl, instructed by Anthony Joyce and Company, who was acting for the couple’s Personal Insolvency Practictioner, Nicholas O’Dwyer.
Counsel told the court that the couple’s creditors will fare better compared to if they were adjudicated bankrupt and will on its completion allow the Johnsons to return to solvency.