Ireland: 'Unbelievable deal' - Frank McNamara and Theresa Lowe to have millions in debt written off - PressFrom - United Kingdom
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Ireland'Unbelievable deal' - Frank McNamara and Theresa Lowe to have millions in debt written off

19:00  20 august  2019
19:00  20 august  2019 Source:   independent.ie

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Musician Frank McNamara and his wife, television presenter-turned-barrister Theresa Lowe , are seeking a debt write -down of nearly €3 million from In total, he claims to be owed €1.237 million in unpaid payments for his work as a conductor and composer. Mr McNamara was the arranger and

Frank McNamara and Theresa Lowe : High Court debt battle shows how this high-flying celebrity couple fell to Earth. The couple in question, musician-composer Frank McNamara and his wife Theresa Lowe , the TV presenter-turned-barrister, are among the best known people to have turned

'Unbelievable deal' - Frank McNamara and Theresa Lowe to have millions in debt written off © INM Musician Frank McNamara and his wife, barrister Theresa Lowe.

Musician Frank McNamara and his barrister wife Theresa Lowe will have millions of euro in debts written off after a High Court judge found in their favour.

The victory for the couple over a vulture fund will mean the value of their home will be radically written down and they will repay what is left at a tracker mortgage rate of 1pc.

One legal source described it as “an unbelievable deal”.

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

High Court judge Mr Justice Denis McDonald found in favour of the couple, subject to clarifications being provided regarding an inheritance.

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Mr. McNamara helped lead the U.S. into the Vietnam War and spent the rest of his life wrestling with its moral consequences. “Mr. McNamara must not escape the lasting moral condemnation of his countrymen,” The New York Times said in a widely discussed editorial, written by the page’s editor at

They had sought court approval for an arrangement to assist them in dealing with debts of €3.7m.

The couple’s lawyer Keith Farry BL had urged the court to approve the arrangement, while it was opposed by the main creditor, Tanager DAC.

Tanager had bought their debts from Bank of Scotland (Ireland), and was owed €2.3m.

'Unbelievable deal' - Frank McNamara and Theresa Lowe to have millions in debt written off © Sunday Independent Reserved judgment: Frank McNamara and Theresa Lowe. Photo: Tony Gavin Mr McNamara (59) worked as musical director on the ‘Late Late Show’ for 20 years, while Ms Lowe (56) presented ‘Where In The World?’ on TV before qualifying as a barrister.

The court had been told the couple first experienced financial difficulties in the early 2000s when Mr McNamara was unable to collect music royalties owed to him. They re-mortgaged properties and sold others in an attempt to escape what they saw as temporary financial difficulties.

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Frank McNamara Retweeted. Mario Rosenstock‏Verified account @GiftGrubMario Apr 13. Theresa Lowe , Frank McNamara , JJ McNamara and 7 others. When you see a Tweet you love, tap the heart — it lets the person who wrote it know you shared the love.

The new way to escape Celtic Tiger debt Frank McNamara and Theresa Lowe are the latest people to use the While this particular PIA case, incorporating a " Debt for Equity" treatment of the mortgage arrears, was struck PIA coverage from today’s paper: The new way to deal with mortgage debthttps

The main asset is their home in Dunshaughlin, Co Meath, which they say is worth half-a-million euro but on which they owed almost €2.3m, according to the written judgement. The couple also owes €550,000 to Bank of Ireland, with money owed to Belvedere College, Permanent TSB, Cabot Financial, First Citizen, and the Revenue Commissioners.

Personal insolvency practitioner James Green of McCambridge Duffy proposed writing €1.7m off the €2.3m mortgage on their Dunshaughlin home.

The couple proposed handing over an inheritance of €182,500 and a lump sum of €25,000, mostly to Tanager. Mr McNamara also cashed in a pension. Revenue will be paid as part of the deal.

The judge noted creditors would get less money if the couple was declared bankrupt.

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

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A career with Frank Lowe . Receiving a catalog. Preferred Method of Contact *. Get off the LIE at Exit 68. Follow the service road past both the South and North William Floyd Parkway exits and just before you re-enter the LIE bear to the right, towards the woods.

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The judge agreed with the arguments put by Mr Farry that the family home mortgage should be written down.

It “is a very significant write-down in absolute terms”, but was justified on the basis of the current value of the home and the means of the couple. Mr Justice McDonald said Tanager would “not be unfairly prejudiced by the proposals”.

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Lifeline for high-flying TV couple who came crashing back down to earth.
Struggling homeowners are wondering how in the world barrister Theresa Lowe and husband Frank McNamara secured a major victory in the High Court that saw €2.9m in debts written off. 

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