The Supreme Court has approved a personal insolvency arrangement that allows women to write off nearly 4.2 million euros in debts owed to financial institutions.
In the High Court, Justice Mark Sanvi has approved a PIA for 54-year-old Assumpta Gaffney, an accounts officer in a construction company who is married with two dependent children.
Under the terms of the PIA, Ms. Gaffney will keep her family’s home located in Mountain Lodge, Balllyleigh, Waterfall, Co Cork, where she will continue to make mortgage payments.
Under the terms of PIA, the mortgage on the property, whose value is estimated at 550,000 euros, has been restructured.
Ms. Gaffney’s creditors include ACC, AIB and Bank of Ireland. As part of the PIA, which must have a term of 12 months, a one-time lump sum of 50,000 euros is paid from a third party to its creditors.
In addition, it will give away two properties located in Ballykisteen, Co Tipperary, which will be sold to pay off part of its debts.
PIA was formed by Mrs. Gaffney’s personal insolvency practitioner, Jodi Mooney of McCambridge Duffy, who was represented in BL Supreme Court by Keith Fary.
The court heard that she ran into financial difficulties after her husband, John Gaffney, was involved in several businesses, with which he cooperated fully.
She had sought PIP services after AIB lifted restitution proceedings in relation to her family’s home.
The court heard that this caused financial and mental losses to Mrs. Gaffney and her family.
Seeking the approval of the PIA, Mr. Fary told the court that the creditors would be better off under the arrangement than if Ms Gaffney were to file for bankruptcy.
There were no objections to the PIA, which the judge agreed to.
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