A Meath man has had a \u20ac14m debt owed to the National Asset Management Agency (Nama) written off for a \u20ac37,000 payment under a personal insolvency arrangement approved by the High Court.<\/p>\n
Ms Justice Nessa Cahill this week sanctioned the arrangement of Michael Murray, aged 47, of Brownstown, Kilcloon.\u00a0<\/p>\n
The arrangement allows Mr Murray \u2014 a developer who was a director of several firms during the Celtic Tiger era \u2014 to keep his family home, valued at \u20ac750,000.<\/p>\n
Personal insolvency practitioner Gary Digney, represented by barrister Keith Farry, instructed by Nicola Nevin & Co solicitors, applied for approval of the insolvency arrangement this week.<\/p>\n
According to court filings, Mr Murray had debts of \u20ac14.6m, of which \u20ac14m was owed to Nama.\u00a0<\/p>\n
Nama, was set up after the 2008 global financial crisis to take over risky commercial property loans from Irish banks.<\/p>\n
Under the court-approved arrangement, about \u20ac37,000, provided by a family member of Mr Murphy\u2019s as a lump sum, will be paid towards the unsecured debts owed to Nama. This is the totality of payments to be made to Nama under the plan.<\/p>\n
A secured debt of about \u20ac594,000 is outstanding in mortgage payments relating to Mr Murray\u2019s family home, owed to lender Pepper Finance Corporation (Ireland) DAC.<\/p>\n
A restructured mortgage repayment scheme will see the debt repaid in full. A \u20ac200,000 lump sum payment provided by the family member will go towards the debt.<\/p>\n
Mr Murray has a monthly income of \u20ac2,477, according to accounts filed with the court, and reasonable living expenses of \u20ac2,188.<\/p>\n
According to court filings, Mr Murray was a director of several development companies, alongside his father, during the Celtic Tiger era.<\/p>\n
Their business traded successfully until the financial crash. The companies were subsequently placed into receivership.<\/p>\n","protected":false},"excerpt":{"rendered":"A Meath man has had a \u20ac14m debt owed to the National Asset Management Agency (Nama) written off…\n","protected":false},"author":2,"featured_media":564775,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[5658,54,42,43,40,38,41,39],"class_list":["post-564774","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-irish-examiner-instagram","tag-courts","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/564774","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=564774"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/564774\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/564775"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=564774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=564774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=564774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}