Court rejects plan for woman to pay mortgage until age of 98 Judge noted term of restructured loan would likely have exceeded debtor’s lifespan
about 18 hours ago Aodhan O Faolain
Ulster Bank opposed the PIA, which proposed to restructure the length of the woman’s mortgage repayments to 348 months. Photograph: iStock
The High Court has refused to approve a Personal Insolvency Arrangement (PIA) under which a pensioner would be making mortgage repayments on her home until she was aged 98.
In what is regarded as an important test case, Mr Justice Mark Sanfey said 69-year-old Ann Fennell, who owes Ulster Bank some €72,500, would not be reasonably likely to be able to comply with the terms of the proposed PIA.
January 18, 2021 1:43 pm
A leading barrister has claimed that large numbers of bankruptcy claims will be made by Ireland’s financial institutions as soon as the courts are allowed to resume ‘normal service’.
And according to Keith Farry, Irish farmers will be in the eye of the storm.
Farry spoke at a recent seminar on farm debt and personal insolvency, hosted by the Irish Creamery and Milk Suppliers’ Association (ICMSA). He explained:
“Once the Covid-19 restrictions have been lifted, there is every prospect of the banks and other financial institutions moving to take legal action against account holders who are not repaying loans and a significant number of farmers will be caught up in this push.
January 18, 2021, 5:29 pm
I sense that the amount of money owed by Irish farmers to vulture funds has increased dramatically over recent years.
This point became pretty obvious to me as I listened to the presentations given by two experts in the field of insolvency, courtesy of the recent Irish Creamery Milk Suppliers’ Association (ICMSA)-hosted webinar on this crucially important issue.
Of even more significance to me was the scope of the questions and answers (Q&A) session, which followed the presentations. I counted at least 30 questions being answered with the lady chairing the proceedings saying that time did not permit the many questions left unanswered being dealt with directly.
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