Lone Star ruling hailed as ‘game-changer’ for debtors

Lone Star ruling hailed as ‘game-changer’ for debtors

Last week a judge approved a Personal Insolvency Arrangement (PIA) for a couple despite objections from a vulture fund

A High Court ruling which prevented US private equity giant Lone Star repossessing a Co Waterford couple’s home has been welcomed as a game-changer and a “ray of hope” for debtors.

Ms Justice Marie Baker last week approved a Personal Insolvency Arrangement (PIA) for the couple, despite objections from the vulture fund offshoot Shoreline Residential.

The arrangement involves a writedown of the mortgage debt to Shoreline from €323,626 to €190,000, and an extension of...

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