A Personal Insolvency Arrangement (PIA) has been approved by the High Court that will allow a 47-year-old Cork man write off over 3.4 million in debts for 30,000.
On Monday Mr Justice Alexander Owens approved a PIA in respect of John Maloney a project manager with a development company, of Chestnut Haven, Ballyclough, Kilworth in Co Cork.
His main creditor was financial fund Cabot Financial, which had acquired loans he had given guarantees on several years ago and which was owed over 3.4 million.
The court heard Mr Maloney was involved in several property development projects, for which he obtained loans on foot of personal guarantees given in respect of loans from ACC and Ulster Bank.
These included a nursing home development that was…
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