‘Incredible offer’ – Frank McNamara and Theresa Lowe to have EUR2.9 m in debt written off – Independent.ie

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Musician Frank McNamara and his wife, barrister Theresa Lowe.
Musician Frank McNamara and his spouse, lawyer Theresa Lowe.
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.Charlie Weston.

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(*******************
). Musician Frank McNamara and his lawyer wife Theresa Lowe will have millions of euro in financial obligations written off after a High Court judge discovered in their favour.

In total EUR2.9 m will be crossed out.

This is comprised of EUR2m off the house mortgage and EUR900,000in unsecured debts.

The success for the couple over a vulture fund will indicate the value of their home will be drastically made a note of and they will repay what is left at a tracker mortgage rate of 1pc.

One legal source described it as” an incredible offer”.

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The couple had gone to court over the refusal of the Tanager fund to consent to a personal insolvency deal( PIA).

High Court judge Mr Justice Denis McDonald found in favour of the couple, based on clarifications being offered regarding an inheritance.

They had actually looked for court approval for a plan to assist them in dealing with financial obligations of EUR3.7 m.

The couple’s attorney Keith Farry BL had advised the court to authorize the arrangement, while it was opposed by the primary lender, Tanager DAC.

Tanager had actually bought their financial obligations from Bank of Scotland (Ireland), and was owed EUR2.3 m.

Mr McNamara (59) worked as musical director on the ‘Late Late Show’ for 20 years, while Ms Lowe (56) presented ‘Where On the planet?’ on TELEVISION prior to qualifying as a barrister.

The court had actually been informed the couple first skilled financial problems in the early 2000 s when Mr McNamara was unable to collect music royalties owed to him. They re-mortgaged homes and sold others in an attempt to leave what they viewed as short-term financial troubles.

The main property is their house in Dunshaughlin, Co Meath, which they say deserves half-a-million euro however on which they owed almost EUR2.3 m, according to the composed judgement. The couple also owes EUR550,000 to Bank of Ireland, with money owed to Gazebo College, Permanent TSB, Cabot Financial, First Person, and the Profits Commissioners.

Individual insolvency professional James Green of McCambridge Duffy proposed writing EUR1.7 m off the EUR2.3 m mortgage on their Dunshaughlin house.

The couple proposed handing over an inheritance of EUR182,500 and a swelling sum of EUR25,000, mainly to Tanager. Mr McNamara likewise moneyed in a pension. Profits will be paid as part of the deal.

The judge noted financial institutions would get less money if the couple was stated bankrupt.

Tanager objected on a number of technical premises and argued the duration of the deal was uncertain which rendered it “essentially flawed”.

The judge agreed with the arguments put by Mr Farry that the household house mortgage should be jotted down.

It “is a very substantial write-down in outright terms”, but was justified on the basis of the present worth of the home and the ways of the couple. Mr Justice McDonald said Tanager would “not be unjustly prejudiced by the propositions”.

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