High Court allows two Tipperary women to write down millions owed on mortgages

Personal insolvency arrangements have been approved by the High Court allowing two Tipperary women write down millions of euro of debts owed to banks and an affiliate of the global investment bank Goldman Sachs.

Sisters-in-law Una and Margaret Kinsella have total debts of €8m. The terms of their Personal Insolvency Arrangements (PIAs), include that they will continue to make payments on the mortgages on their respective homes and they will each make lump sum payments of €100.