{"id":421525,"date":"2026-04-28T11:23:08","date_gmt":"2026-04-28T11:23:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/421525\/"},"modified":"2026-04-28T11:23:08","modified_gmt":"2026-04-28T11:23:08","slug":"father-has-e5-8m-property-debts-written-off-in-return-for-e45676-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/421525\/","title":{"rendered":"Father has \u20ac5.8m property debts written off in return for \u20ac45,676 \u2013 The Irish Times"},"content":{"rendered":"<p class=\"c-paragraph paywall \">A married father has had more than \u20ac5 million of his debts written off as part of a <a href=\"https:\/\/www.irishtimes.com\/tags\/high-court\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/high-court\/\">High Court<\/a> approved plan to return him to solvency.<\/p>\n<p class=\"c-paragraph paywall \">Judge Nessa Cahill on Monday sanctioned a debt settlement arrangement for contracts specialist Eoin McDermott (46) that involves him paying a total of \u20ac45,676 to his creditor, Everyday Finance DAC.<\/p>\n<p class=\"c-paragraph paywall \">McDermott, who has a young child, owed \u20ac5.868 million to debt servicing firm Everyday Finance, which did not oppose the High Court application for approval of the plan. <\/p>\n<p class=\"c-paragraph paywall \">The court was told McDermott had residual debt following the sale of properties.<\/p>\n<p class=\"c-paragraph paywall \">His debt proposal, formed by personal insolvency practitioner Eugene McDarby and presented to the court by barrister Keith Farry, enables him and his family to stay in his home in Kildinan, Glenville, Co Cork. The property is currently worth \u20ac400,000 and has an outstanding mortgage balance of \u20ac126,500 for which McDermott has been paying \u20ac1,718 a month.<\/p>\n<p class=\"c-paragraph paywall \">The plan, if followed, will see him return to solvency after a year. He will be required to pay \u20ac5,685 in fees, including outlays, to his personal insolvency practitioner. <\/p>\n<p class=\"c-paragraph paywall \">Everyday Finance will recover 0.78 per cent of what it is owed, which is less than the 1.68 per cent it would have recovered if McDermott was to be declared bankrupt. The insolvency practitioner said the creditor would likely have had to wait a longer period to recover a dividend in a bankruptcy scenario.<\/p>\n<p class=\"c-paragraph paywall \">McDarby said he believed the debt settlement represented a \u201cfair outcome\u201d for the creditor.<\/p>\n<p class=\"c-paragraph paywall \">The court was told McDermott earns about \u20ac7,300 per month as an employee of a Saudi Arabian energy consultancy company. <\/p>\n<p class=\"c-paragraph paywall \">Under the plan he is allowed reasonable living expenses of \u20ac5,536 per month, including a \u20ac1,460 monthly mortgage, \u20ac425 working abroad costs and \u20ac680 in childcare fees.<\/p>\n","protected":false},"excerpt":{"rendered":"A married father has had more than \u20ac5 million of his debts written off as part of a&hellip;\n","protected":false},"author":2,"featured_media":68576,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,46,73,61,60],"class_list":["post-421525","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-cork","tag-high-court","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/421525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=421525"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/421525\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/68576"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=421525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=421525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=421525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}