Former accountant Thomas Colton and his wife, Linda, failed to disclose they owned a villa in Lanzarote. Photograph: GettyThe High Court has terminated personal insolvency arrangements that wrote off multimillion euro debts of a former accountant and his wife who did not disclose that they owned a Lanzarote villa.
Their personal insolvency practitioner , Eugene McDarby, represented by barrister Keith Farry, subsequently applied to the court for an order revoking the PIAs because of the couple’s failure to disclose the property transactions. Following approval of the PIAs, it emerged that the Coltons, using the Irish versions of their names, were registered with Spanish land title authorities as owners of the Lanzarote villa and that they had borrowed €178,500 from a Spanish bank.
Mr Justice Owens said the financial affairs of the company were “one and the same thing” as that of the Coltons and they were obliged to make full disclosure of these matters to their PIP., Even taking a “benign” view, the judge said, the Coltons were “seriously remiss” in not advising their PIP of the property transactions.
Good