A judge has said he will consider approving a personal insolvency arrangement for musician and former Late Late Show pianist Frank McNamara and his wife, ex-RTE presenter Theresa Lowe, to help them with debts of €3.7million.That debt is secured against the couple’s family home in Dunshaughlin, Co Meath, which is valued at €550,000.
McNamara, 59, worked as musical director on the Late Late Show for 20 years while Lowe, 56, was a TV presenter before qualifying as a barrister. A lump-sum payment of €100,000 would also be made along with a promise of €30,000 from a life insurance policy when it matures in seven years. Tanager, counsel added, also failed to recognise that the arrangement it had inherited from Bank of Scotland Ireland in respect of the McNamara’s was in the nature of a long term arrangement.
Tanager also argued that the royalties claim is a 16-year-old debt to Mr McNamara which has nothing to do with his current situation. Tanager had raised objections based on discrepancies in documents filled out by Mr McNamara. The documents in question are a Standard Financial Statement , which is a document used to assess the financial situation of a borrower in arrears, completed by him in January 2016.