Thomas O'Connor, a debtor [2016] IEHC 317 (18 April 2016)

Thomas O'Connor, a debtor [2016] IEHC 317 (18 April 2016)

The debtor satisfied all statutory requirements for approval of a Personal Insolvency Arrangement under s.115A(9), including having a sustainable mortgage on his family home, attempting to pay the mortgage, and the arrangement being fair, proportionate, and providing a better return for creditors than bankruptcy. The court approved the arrangement despite creditor veto.

Citation
[2016] IEHC 317
Parties
Debtor: Thomas O'Connor
Jurisdiction
Ireland
Judgment Date
18 April 2016
Procedural Posture
Personal Insolvency Application / Application for Court Approval of Personal Insolvency Arrangement Under S.115 A(9) Personal Insolvency Act 2012 (as Amended)
Outcome
Personal Insolvency Arrangement approved
Legal Topics
Personal Insolvency Arrangement, Family Home Protection, Creditor Veto, Sustainable Mortgage
Insolvency Law Property Law Personal Insolvency Arrangement Family Home Protection Creditor Veto Sustainable Mortgage

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Parties

Thomas O'Connor

Debtor

Procedural Posture

Personal Insolvency Application / Application for Court Approval of Personal Insolvency Arrangement Under S.115 A(9) Personal Insolvency Act 2012 (as Amended)

Legal Issues

  1. 1 Whether the debtor meets the statutory requirements for approval of a Personal Insolvency Arrangement under s.115A(9)
  2. 2 Whether the arrangement is fair and proportionate to creditors and protects the family home
  3. 3 Whether the arrangement provides a better return for creditors than bankruptcy

Ratio Decidendi

The debtor satisfied all statutory requirements for approval of a Personal Insolvency Arrangement under s.115A(9), including having a sustainable mortgage on his family home, attempting to pay the mortgage, and the arrangement being fair, proportionate, and providing a better return for creditors than bankruptcy. The court approved the arrangement despite creditor veto.

Court Disposition

Personal Insolvency Arrangement approved

Orders

  • Order approving the Personal Insolvency Arrangement pursuant to s.115A of the Personal Insolvency Act 2012 (as amended)