The High Court must reconsider whether it is fair to approve a personal insolvency arrangement (PIA) permitting a man to keep his farming assets, home and rental property, the Supreme Court has ruled.
A debt fund appealed against the High Courts approval of a PIA for Co Wexford farmer Fergus OConnor (48) that restructured his 874,000 debt to it by extending the repayment period to 30 years.
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A PIA involves the forgiveness or restructuring of debts to ameliorate the effect of a persons indebtedness without some of the harsher consequences of bankruptcy.
Promontoria (Oyster) DAC claimed Mr OConnors farm, spanning 190 acres, is a readily realisable asset that could be sold repay his debts and return him to solvency. Mr OConn…
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