A 74-year-old farmer from Carlow has saved his land from sale through a personal insolvency arrangement (PIA).
The farmer owed a number of debts totaling 215,000, 100,000 of which was secured over the 60ac farm which is now being farmed by his son.
A secured creditor had instigated the process of selling the land, but the sale was stopped and the farmer had a proposal put to all creditors to repay the debt by personal insolvency practitioner Gary Digney of PKF-FPM Accountants Ltd.
In a first-of-its-kind agreement, income from the farm, which is now run by the farmers son, will repay the debts owed by his father under the terms of the arrangement.
This has meant that the lands will not be sold and all creditors will get paid over a 10-…
Read the full article at: https://www.farmersjournal.ie/carlow-farm-saved-from-sale-over-215-000-debt-640967