Frank McNamara and Theresa Lowe Image: /Photocall Ireland Frank McNamara and Theresa Lowe Image: /Photocall Ireland A HIGH COURT judge has said he is minded to approve a personal insolvency arrangement for musician Frank McNamara and his wife, barrister Theresa Lowe, to assist them with debts of €3.7m, subject to clarification of certain issues.
Under the proposed scheme monies from Mr McNamara’s inheritance are to be used to fund the arrangement.The Judge added that he was not prepared to allow matters to proceed any further until the affidavit addressing these issues is presented to the court. Under the proposed arrangement, the couple would continue to pay a mortgage to Tanager, of €550,000 on their home from a total income of €5,600 per month.
He claimed that Tanager appeared to want bankruptcy and was not interested in long term structuring of debts, he said, adding that Tanager’s strategy is to realise the debt in as short a period of time as possible. Tanager said the only circumstances where it is prepared to offer a write-down to market value occurs when the secured property is surrendered or voluntarily sold.