Court approves two insolvencies allowing more than €12m of debts to be written off

In both cases the creditors, Everyday Finance DAC and Pepper Finance Corporation Ireland DAC, will do better than if the debtors were adjudicated bankrupt

The first arrangement will see €8.9m of debt written off with a further €4m written off in the second debt. File photo: iStock

Two separate and unrelated insolvency arrangements allowing two debtors to write-off more than €12m owed to financial funds have been approved by the High Court. 

The court approved a Debt Settlement Arrangement (DSA) to company director 63-year old Mark Quinn which will see €8.9m of debt owed to financial fund Everyday Finance DAC written off.