Electrical contractor has 2.7m of 2.9m debt written-off under … – The Irish Times

An electrical contractor will have some 2.7 million of a 2.9 million debt written-off under a personal insolvency arrangement (PIA) approved by the High Court.

The arrangement, approved by Mr Justice Alexander Owens on Monday, includes the near halving of the 470,000 mortgage debt of Thomas Fahy from Cortoon, Claregalway, Co Galway.

Approval was sought by barrister Keith Farry, instructed by solicitor Nicola Nevin, on behalf of Nicholas ODwyer of Grant Thornton, Mr Fahys Personal Insolvency Practitioner (PIP).

The judge heard Mr Fahy is a married man with one child, has debts of some 2.9 million and his main creditor is Everyday Finance DAC, owed some 2.472 million.

Negative equity

A mortgage debt of some 472,000 is also owed to Pep…

Read the full article at: https://www.irishtimes.com/crime-law/courts/2023/06/12/electrical-contractor-has-27m-of-29m-debt-written-off-under-insolvency-deal/