Cork<\/a>, owed him approximately \u20ac950,000 and was not insolvent when he was granted a personal insolvency arrangement through the courts.\u00a0<\/p>\nMr O\u2019Flynn objected to the personal insolvency arrangement coming into effect. In a ruling published on Friday, Ms Justice Nessa Cahill upheld Mr O\u2019Flynn\u2019s objection.<\/p>\n
The High Court had previously heard that the debt owed to Mr O\u2019Flynn followed a \u20ac2.2m personal guarantee given to him concerning liabilities of pub operator Ezeon Entertainment Ltd, a company established by Mr O\u2019Driscoll.<\/p>\n
A co-guarantor on the loan agreement was former Irish rugby player Ronan O\u2019Gara.<\/p>\n
The debt was listed as a contingent liability in Mr O\u2019Driscoll\u2019s personal insolvency arrangement and was given a nominal value of \u20ac1.<\/p>\n
In a ruling published on Friday, Ms Justice Nessa Cahill said: \u201cThere was no evidence provided by Mr O\u2019Driscoll in these proceedings. He has obtained the benefit of a statutory regime that was put in place to create breathing space and relief for distressed insolvent debtors, with a particular focus on seeking to protect family homes and participation in economic life.\u201d\u00a0<\/p>\n
She also said: \u201cThere was simply no evidence as to any impediments to the sale of any of the assets or interests mentioned in the PFS (prescribed financial statement) or any reason to apprehend that they could not be easily and quickly realised.\u201d\u00a0<\/p>\n
In upholding Mr O\u2019Flynn\u2019s objection, she said: \u201cThis has the consequence that the ‘Personal Insolvency Arrangement procedure shall be deemed to have come to an end\u2019 (section 114(3)) and Mr O\u2019Driscoll is now liable in full for debts which would otherwise have been covered by the arrangement.\u201d\u00a0<\/p>\n
Following the ruling, Mr O\u2019Flynn said he felt “fully vindicated” by the decision.<\/p>\n
He said the court had accepted his view that “Mr O’Driscoll had realisable assets which were more than sufficient to meet his debts as set out in his own financial statement.”<\/p>\n
He added: \u201cFundamental to me has been the issue of faith and trust in the personal insolvency system. Today\u2019s Court decision is a critical outcome in that regard.\u201d\u00a0<\/p>\n
Ms Justice Cahill has adjourned the case for mention to October 12, during which \u201cthe parties can then propose directions for any further hearing as to costs or final orders that may be required\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"Developer Michael O\u2019Flynn says he has been \u201cfully vindicated\u201d by a High Court judgement in his objection to…\n","protected":false},"author":2,"featured_media":621938,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[79,54,61,60,43],"class_list":["post-621937","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ireland","tag-cork-news","tag-courts","tag-ie","tag-ireland","tag-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/621937","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=621937"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/621937\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/621938"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=621937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=621937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=621937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}