Fitzpatrick v Personal Insolvency Acts 2012 - 2015 (Approved) [2021] IEHC 568 (27 August 2021)

Fitzpatrick v Personal Insolvency Acts 2012 - 2015 (Approved) [2021] IEHC 568 (27 August 2021)

Pension lump sums accruing to the debtors outside the statutory timeline set by s.51(3)(c) of the Personal Insolvency Acts 2012-2015 cannot be treated as assets for the purpose of assessing the debtors' means under s.115A(9)(b)(ii); therefore, the PIAs are not unfairly prejudicial for excluding these assets and the coming into effect of the PIAs is confirmed.

Citation
[2021] IEHC 568
Parties
Debtor: Karen Fitzpatrick; Debtor: Niall McKiernan; Objecting Creditor: EBS DAC; Personal Insolvency Practitioner: John Donnan of Kirk & Associates
Jurisdiction
Ireland
Judgment Date
27 August 2021
Procedural Posture
Circuit Appeal / High Court Appeal From Circuit Court Confirmation of Personal Insolvency Arrangements
Outcome
Appeal dismissed; Circuit Court confirmation of PIAs upheld.
Legal Topics
Personal Insolvency Arrangements, Pension Assets, Debt Write Off, Mortgage Restructuring
Insolvency Banking Law Property Law Personal Insolvency Arrangements Pension Assets Debt Write Off Mortgage Restructuring

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Parties

Karen Fitzpatrick

Debtor

Niall McKiernan

Debtor

EBS DAC

Objecting Creditor

John Donnan of Kirk & Associates

Personal Insolvency Practitioner

Procedural Posture

Circuit Appeal / High Court Appeal From Circuit Court Confirmation of Personal Insolvency Arrangements

Legal Issues

  1. 1 Whether pension lump sums accruing outside statutory timelines can be treated as assets for purposes of Personal Insolvency Arrangements
  2. 2 Whether PIAs unfairly prejudice the objecting creditor by excluding pension assets and requiring further write-offs
  3. 3 Whether the PIAs enable creditors to recover debts to the extent the debtors' means reasonably permit

Ratio Decidendi

Pension lump sums accruing to the debtors outside the statutory timeline set by s.51(3)(c) of the Personal Insolvency Acts 2012-2015 cannot be treated as assets for the purpose of assessing the debtors' means under s.115A(9)(b)(ii); therefore, the PIAs are not unfairly prejudicial for excluding these assets and the coming into effect of the PIAs is confirmed.

Court Disposition

Appeal dismissed; Circuit Court confirmation of PIAs upheld.

Orders

  • Personal Insolvency Arrangements for Karen Fitzpatrick and Niall McKiernan confirmed.
  • Objection of EBS DAC rejected.