The High Court has approved a Personal Insolvency Arrangement (PIA) that will allow a property developer to write-off approximately 25 million of debt mainly owed to financial institutions.
Mr Justice Alexander Owens said he was approving the PIA that will allow Tony Diskin (44) 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 2008 financial crash.
His main creditors included Bank of Ireland, Cabot Finance and AIB, which was owed some 14 million.
AIB had initially opposed Mr Diskin’s application for a PIA.
However, the court heard that AIB’s loan had…
Read the full article at: https://www.breakingnews.ie/business/high-court-approves-insolvency-for-developer-to-write-off-e25m-debt-1404695.html