Judgment reserved in Frank McNamara/Theresa Lowe personal insolvency application

A High Court judge has reserved judgment in a personal insolvency application by musician Frank McNamara and his barrister wife Theresa Lowe.

Mr Justice Denis McDonald said he won't give his decision before July as he has "to make sense" of the personal insolvency legislation which had been "drafted in an unhelpful way".

It followed the second day of legal submissions in the case in which the couple seek court approval for an arrangement to assist them in dealing with debts of €3.7m.

The couple's lawyer urged the court to approve the arrangement while it is opposed by the main creditor, the fund Tanager DAC.

Mr McNamara (aged 59) worked as musical director on the Late Late Show for 20 years while Ms Lowe (aged 56), was a TV presenter before she going on to qualify as a barrister.

The court heard they remortgaged and sold properties in an attempt to escape what they saw as temporary financial difficulties.

Their main asset is their home in Dunshaughlin, Co Meath, which they say is worth around half a million but on which they owed almost €2.3m.

In final submissions today, Keith Farry BL, for the couple, said in the personal insolvency arrangement, only the Revenue Commissioners would be doing better than Tanager. However, the Revenue was owed just €12,000, representing a small figure in the overall debt situation.

Tanager would do far worse in a bankruptcy arrangement than under personal insolvency. It would “win the battle but lose the war” by preventing the arrangement, he said.

Rudi Neuman Shanahan BL, for Tanager, urged that the personal insolvency applications of both Mr McNamara and his wife should fail.