The High Court has approved a Personal Insolvency Arrangement (PIA) allowing a Co Kildare man write off of over 16 million of unsecured debts owed to a financial fund.
The PIA was approved by Mr Justice Alexander Owens on Monday in respect of 54-year-old Dermot King, with an address at Ardreigh House, Bishopscourt, Straffan in Co Kildare.
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The court heard that Mr King owed financial fund Everyday Finance DAC over 17.2 million.
Under the terms of the PIA, Mr King will retain his family home, valued at 1.5 million and his mortgage, of which just over 1 million remains outstanding, will be restructured.
Property assets he has an interest in, including an investment property in Rosslare Co Wexford, and part of the land that …
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