Jay Bourke’s personal insolvency arrangement which sought to write off the bulk of his €13.7 million debt, was withdrawn in April after a company in which he had invested went into receivership. Photograph: CollinsA High Court judge has said that Jay Bourke’s personal insolvency practitioner fell “well below” the appropriate ethical standards expected.
Although his PIA was no longer before the courts, Mr Justice Sanfey requested a further explanation from personal insolvency practitioner Mr O’Callaghan as to how Revenue’s entire debt came to be categorised as “preferential”, when only a portion had preferred status. Mr Justice Sanfey noted that a preferential debt can only be included in a PIA where the creditor concerned has consented to such. Where a creditor with a preferential debt opts out of the arrangement, it can take action to recover its debt.This week the UK introduced a Bill to unilaterally scrap the Northern Ireland protocol, the post-Brexit set of rules which govern Northern Irish trade.