Golf shop director fails to get €118k writedown of debt

The judge said the particular difficulty for Mr Horan was that Promontoria had received no payments whatsoever from him since it took over the loan in 2016

Michael Horan, a director of Birr Golf Shop Limited, had said in an affidavit his financial difficulties arose due to the recession. File photo

A High Court judge has refused to approve a personal insolvency arrangement for a golf shop director which would have seen a €198,000 debt secured on the shop in Birr, Co Offaly, written down to €80,000.

Alan McGee, a Personal Insolvency Practitioner (PIP) acting on behalf of Michael Horan, of Rapemills, Banagher, sought approval of the PIA under the Personal Insolvency Acts.