Company director to put three properties up for sale and pay just over €8,000 towards his unsecured debts
The unsecured creditors will receive a dividend of just 0.07 per cent of what they are owed under the arrangement.A company director can write off more than €3 million in debt in return for paying just over €8,000 under a personal insolvency arrangement approved by the High Court on Monday.
The proposal also allows Mr Reilly to retain his family home at Clanree Road, Donnycarney, Dublin, for which the mortgage will be restructured and extended.We need a Europe-wide power grid stretching from Donegal to Budapest, from Helsinki to PalermoDoes fixing my mortgage for a long time make sense at this stage?
He owed money to trade creditors and financial institutions including Mars Capital Finance, Pepper Finance, Bank of Ireland, Start Mortgages and AIB. He sought the advice of personal insolvency practitioner Eugene McDarby and entered into the personal insolvency process.