Court rejects PIA involving write down of mortgage in exchange for equity

[Brendan Burgess]

Law change needed to allow debt for equity swaps in PIAs, says judge

Court dismissed appeal over attempt to offer stake in family home in insolvency case

www.irishtimes.com

Couple wanted mortgage of €210k reduced to €31k
And bank would get 85% of the proceeds of the property on the death of the second co-borrower.

EBS vetoed the PIA.
Circuit Court refused to approve it.
High Court upheld Circuit Court's decision.

Brendan

 

[Brendan Burgess]

Clearly the Personal Insolvency Practitioner involved in this thought he would get it through the courts.

Brendan

 

[ClubMan]

Is this a different one?
I can't see the whole article.

Appeal can proceed against insolvency plan that allows man to pay €93 towards mortgage each month

Judge says it was ‘misconceived’ to argue the issues between the parties had become moot

www.irishtimes.com

Edit: ah, I see that this particular case was mentioned previously here:

68 year old gets PIA involving tracker rate for life

https://www.irishtimes.com/business/debt-ruling-allows-waterford-man-pay-93-mortgage-per-month-1.4705055 He retired in February 2020 and has been relying on the State pension for income. Mr O’Regan’s house was valued at €210,000 and there was €97,000 remaining on his mortgage. Under the...

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