Thomas ‘Eddie’ Mulligan, a former member of Waterford City and County Councils, will contribute just over €9,000 to creditors
At the High Court on Monday, Mr Justice Alexander Owens was told Mr Mulligan’s financial difficulties arose out of the economic recession in 2008.
He borrowed money and gave personal guarantees for loans that were used to invest in various property assets.Those properties, which included retail and commercial units, are to be sold to help pay off what is owed on them the court heard. Arising out of his difficulties and inability to pay his debts as they fell due, Mr Mulligan entered the insolvency process and engaged the services of Personal Insolvency Practioner Mitchell O’Brien.
Counsel said Mr Mulligan will continue to make payments on his mortgage, which is to be restructured so that the total debt due on his family home has been reduced from over €600,000 to approximately €425,000.
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