Man's 1.1m debt written off for 857 under arrangement approved … – The Irish Times

A Co Roscommon man has had 1.1m debts written off for 857 under a personal insolvency arrangement approved by the High Court.

Fergal Shine will be left with his family home at Waterville, Bealnamulla, Athlone, Co Roscommon currently valued at some 245,000 with an outstanding mortgage balance of some 362,000. Judgment mortgages obtained by some creditors against the property will be treated as unsecured debt because the property is in negative equity, and will be written off as part of the arrangement.

According to the PIA, Mr Shines debts arose due to the failure of a construction company he shared with his brother and father which was forced to go into liquidation in 2008. Mr Shine had signed personal guarantees for the business debts.

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Read the full article at: https://www.irishtimes.com/crime-law/courts/2023/06/19/mans-11m-debt-written-off-for-857-under-arrangement-approved-by-high-court/