A Personal Insolvency Arrangement (PIA) drawn up by James Green of McCambridge Duffy was approved by Justice McDonald in the High Court this week.
The original PIA involved the write-down of €2.3 million; however, after being rejected by the creditors, the case was appealed through the Section 115A review process. The Court ruled the write down should be increased to €2.9 million, based on the family’s income and the value of their property.
The Court ruled in favour of the PIA as being a fair and equitable arrangement for all parties, and would result in a better return for the creditors, over and above redundancy. It would also mean the family are returned to financial stability and get to stay in their family home.
According to Claire Kelly (July 17th 2019), PIP with Kildare Audit & Accountancy Services (KAAS), there are twenty of these arrangements being approved by the Courts each week. That’s twenty families getting to keep and stay in their home as a result of engaging with Abhaile and using its free supports.
We would encourage anyone behind on their home mortgage arrears to come and seek the professional and regulated help provided by Abhaile. Call 0818 07 2000 to speak with an adviser about your situation or find your local office here and arrange an appointment.
Full details on the PIA case can be found here.
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