A Clontibtret building consultant has had €1.5m in debt written off by the High Court. Thomas Brennan of Gallahgh, Clontibret entered into a personal insolvency agreement, which saves his family home from repossession. It's the second business the 70-year-old was involved in to go under. His wife, Sadie, previously secured a PIA in 2019 when her sole liability was to Start Mortgages DAC, in respect of their home.
The Irish Independent newspaper is reporting that Thomas Brennan had debts totalling €2.5m which exceeded his assets by €1.7m. Mr Brennan worked as a consultant with Consurv Building Limited in Clontibret for the past 15 years where he was also a director. Another consultancy firm he was involved in called TKB & Associates Ltd. went into liquidation in 2009.
The court heard of all the debts owed by Mr Brennan. They include €550,000 owed on his family home which is valued at €350,000. €318,000 is owed to Monaghan Credit Union. Debts to other financial institutions total €2.486m and his own firm is owed €250,000. Mr Brennan's assets included his family home, the 100 per cent ownership of a buy to let property on Cork Street in central Dublin, and half shares in a €320,000 buy to let property and an industrial yard valued at €120,000, both in Clontibret The buy to let properties in Clontibret and Dublin are to be sold under the PIA agreed in court.
Creditors whose loans are not backed by assets - face significant losses under the debt deal as they will receive just 6.62pc of what they are owed. However, according to the Irish Independent, the court was told creditors would fare better under the personal insolvency agreement than if Thomas Brennan was declared bankrupt.
