The High Court has approved a Personal Insolvency Arrangement that will allow a Midland’s based property developer to write-off approximately 25m of debt mainly owed to financial institutions.
Mr Justice Alexander Owens said he was approving the PIA that will allow 44-year-old Tony Diskin to retain his family home in Churchfields, Coosan, Athlone Co Westmeath and allow him to return to solvency.
The court heard that Mr Diskin had been involved in property development, but had got into financial difficulties following the crash in 2007-08.
His main creditors included Bank of Ireland, Cabot Finance and AIB, which was owed some 14m.
AIB had initially opposed Mr Diskin’s application for a PIA.
However, AIB’s loan the court heard had been sold…
Read the full article at: https://www.rte.ie/news/business/2022/1212/1341414-developer-can-write-off-25m-under-insolvency-deal/