The Four Courts. Millions of euros of debt have been written off in three unrelated debt settlement arrangements approved by the High Court on Monday. Photograph: Bryan O’Brien/The Irish TimesMillions of euros of debt have been written off in three unrelated debt settlement arrangements approved by the High Court on Monday.
Keith Farry BL, representing Mr Carrig’s personal insolvency practioner Eugene McDarby told the court the arrangement will last six months and will return Mr Carrig to solvency. Creditors, which include Everyday Finance, Cabot Finance and a trade creditor, will receive 0.32 per cent of what they are owed, he said.We don’t have to persist with this nonsense - get rid of VAR
Counsel said none of Mr Carrig’s creditors had voted to accept or reject the proposed DSA, so there was nothing to prevent its approval. Mr Hoban, who is currently unemployed and has no income source, owed amounts to Cabot Finance, Start Mortgages, Pepper Finance Corporation and Permanent TSB, counsel said.Counsel said 81 per cent of Mr Hoban’s creditors voted to accept the arrangement, with only Pepper voting against.
Mr Farry, for Mr Desmond’s insolvency practitioner John McCormack, said that the applicant got into financial difficulties over repayments on loans after he spent 12 months out of work.
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Accountant has €5m written off for €15,000 paymentThe High Court has approved a number of unrelated Debt Settlement Arrangements (DSAs) allowing people who got into financial difficulties to write-off millions of euros worth of unsecured debt mainly owed to financial firms.
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