A personal insolvency arrangement which allows a Co. Galway-based electrical contractor to write off approximately 2.7m in debt owed to financial institutions has been approved by the High Court.
Mr Justice Alexander Owens, who approved the PIA in respect of Thomas Fahy on Monday, described the arrangement as being “a good bit of business”. Under the PIA, Mr Fahy’s unsecured debts of approximately 2.5m will be written off for a payment of just over 2,000.
The court heard that under the scheme Mr Fahy, a 58-year-old self-employed electrical contractor from Cortoon, Claregalway, Co. Galway, will retain his family home, and his mortgage will be restructured, and partially written down by 230,000 over time.
The court heard that Mr Fahy go…
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