RTÉ revealed last week that the bank reached a €60,000 deal in full and final settlement of his liabilities in 2017 and that the settlement funds were received by the bank the following year.
The bank followed “robust governance process” in debt-resolution cases, he said. This included exhausting “all appropriate avenues” to recover debt and seeking third-party certification on a borrower’s income and assets and other documents around a borrower’s personal circumstances. This amounted to a debt write-down of more than €7.7 million once the €1.7 million proceeds from the sale of the three golf resort properties and the €60,000 settlement are taken into account.Just last week, the High Court approved personal insolvency arrangements for husband and wife property developers Kevin Brophy and Jacinta Rochford. They had more than €12 million written off in deals supported by creditors who shared a lump-sum settlement of just €12,500.
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Source: IrishTimes - 🏆 3. / 98 Read more »
Source: IrishTimes - 🏆 3. / 98 Read more »