Co. Meath man has €14m Nama debt written off for €37,000

A Co. Meath man has seen a substantial €14 million debt owed to Ireland's National Asset Management Agency (Nama) effectively wiped out for a mere €37,000 payment. The High Court has approved a personal insolvency arrangement for Michael Murray, 47, which allows him to retain his family home, valued at €750,000.

The arrangement, sanctioned by Judge Nessa Cahill, addresses Murray's total debts of €14.6 million. Nama, established as a "bad bank" to manage risky commercial property loans after the 2008 financial crisis, was the primary creditor. Under the court-approved plan, approximately €37,000, provided as a lump sum by a family member, will be the entirety of the payment made towards the unsecured Nama debt.

In addition to the Nama debt, Murray has a secured debt of about €594,000 related to his family home, owed to Pepper Finance Corporation (Ireland) DAC. This mortgage debt will be repaid in full through a restructured repayment scheme, with a €200,000 lump sum from his family also contributing to this payment. Court filings indicate Murray has a monthly income of €2,477 and living expenses of €2,188.

Murray, a developer, was a director of several companies during Ireland's Celtic Tiger economic boom alongside his father. Their businesses thrived until the financial crash, after which the companies were placed into receivership. The personal insolvency practitioner Gary Digney applied for the approval of the arrangement.