53% Mortgage Debt Write-Down for Limerick Couple through Insolvency SystemDate added: 21 Aug 2015
A 53% mortgage write-down was recently secured in the Personal Insolvency Court in Ennis, Co. Clare, by Maurice Lenihan, APIP member and Personal Insolvency Practitioner at Moore Stephens Debt Solutions in Limerick. APIP has cited the outcome as a testament to the strength of the insolvency system and PIPs’ roles in tacking debt in Ireland.
Describing the case as a “perfect storm”, Judge Patrick Meghan approved the deal, which reduced the mortgage debt by €98,250 from €186,000 to €87,750 and allows the Limerick couple to remain in their home. Speaking about the case, the PIP acting for the couple, Maurice Lenihan, said; “The physical and mental trauma endured by the debtors over the past five years cannot be understated. We are very satisfied with the outcome and hopefully it will help them to get back to normal. The case was a win-win as a forced sale would have yielded a much lower return for the creditor. It highlights that the personal insolvency legislation is fit for purpose, accessible and can deliver sustainable long-term solutions for debtors and creditors.”
Maurice Lenihan is a member of the Association of Personal Insolvency Practitioners (APIP), the largest body of PIPs in Ireland with 82 members. Eric Hendy, Chairman of APIP, commented on the increasing importance of PIPs in helping debtors nationwide; “Cases like this show that the insolvency system is working. Without it, this couple and thousands more like them would have lost their homes. With the new changes in the Personal Insolvency (Amendment) Act 2014, we will see more mortgage restructuring by PIPs and less home repossessions in court.”
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For further information and/or to arrange interviews contact Orla Clancy, Media Consultant for APIP, at email@example.com or telephone 087 938 8882.
Notes to Editor
Association of Personal Insolvency Practitioners (APIP)
The Association of Personal Insolvency Practitioners (APIP) is the largest representative body of personal insolvency practitioners (PIPs) in Ireland. APIP members are authorised by the Insolvency Service of Ireland (ISI). With a current membership of 82, APIP collectively represents a significant number of debtors nationwide who are at various stages of the process. The APIP committee engages with the government and the ISI to progress the insolvency system in Ireland.
2015 APIP Committee
Eric Hendy, Chairman of APIP
Tara Cheevers, Secretary of APIP
Mitchell O'Brien, APIP Committee Member
Alan McGee, APIP Committee Member
Steven Curtis, APIP Committee Member
John Kenny, APIP Committee Member
APIP VAT Committee
Eugene McDarby, APIP VAT Committee Member
John Kenny, APIP VAT Committee Member