Thomas Flanagan and Jean Errity took loans for property development hit by planning difficulties. The High Court has approved a Personal Insolvency Arrangement allowing a couple to debt write-off more than €6 million off their debts. Mr. Justice Denis McDonald said he was satisfied with the arrangement sought on behalf of Thomas Flanagan, a retired garda, and his wife Jean Errity, a civil engineer, both of Hortland, Donadea, Co Kildare.
The couple’s debt write-off included €6.1 million owed to Ulster Bank, €419,000 owed to Permanent TSB, €150,000 owed to a building company called MOF Construction Ltd and €160,000 owed to Pepper Finance. As part of the arrangement, the couple retain their four-bedroom family home which is valued at €430,000 and will continue to make mortgage payments on that property. They have also been afforded reasonable living expenses. Read more