The High Court has approved a Personal Insolvency Arrangement that allows a company director to write off over 3 million of debt owed to financial institutions for a payment of just over 8,000.
Mr Justice Alexander Owens approved the PIA in respect of 60-year-old Patrick Reilly, who under the terms of the agreement will put up for sale two properties in Dublin and one in Mountrath, Co Laois, in which he has an interest.
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The PIA will also allow Mr Reilly to retain his family home at Clanree Road, Donnycarney in Dublin 5.
Under the terms of the PIA, which is to be 24 months in duration, the mortgage over the family home is to be restructured and extended.
Mr Reilly will also make a total payment towards his unsecured debts…
Read the full article at: https://www.breakingnews.ie/ireland/court-approves-pia-allowing-company-director-to-write-off-e3m-debt-owed-to-financial-funds-1548487.html