The High Court has overturned Personal Insolvency Arrangements (PIAs) that would have allowed a married couple write off a debt of approximately €250,000 owed to a building society. The judge said the PIAs in this instance were premature, and unfairly prejudicial to the interests of the objecting creditor. The proposed PIAs would have seen EBS write off €253,000 of the couple's debts whereas under a bankruptcy scenario the write-off would increase to €290,000. The couple sought the PIAs arising out of home loans they had acquired from the bank of €790,000 dating back to 2006. The couple, EBS claimed, had the capacity to comply in full with the terms of the restructured loan.

Source: Irish Examiner August 31, 2021 14:03 UTC