A farmer has secured a court deal restructuring his farming and property debts through a personal insolvency solution while securing a write-off of 708,000 on his home mortgage and holding onto his farm.
The High Court approved a personal insolvency arrangement (PIA) for Charles Kavanagh, a 58-year-old farmer from Co Wexford, enabling him to hold onto 180 acres of farmland which have been in his family for generations.
Mr Justice Mark Sanfey signed off on the arrangement in the first High Court-approved PIA involving a farmer where the debtor has held onto their farm and had other debts written off.
The PIA wipes out the portion of the Start Mortgages home loan covering the negative equity the part of the loan in excess of the value of…
Read the full article at: https://www.irishtimes.com/business/farmer-holds-on-to-family-farm-in-debt-writedown-case-1.4378926