The High Court has approved a Personal Insolvency Arrangement allowing a sales assistant write off more than 1.1 million of debt owed mainly to financial institutions.
Mr Justice Alexander Owens approved a PIA which will allow 52-year-old Fergal Shine, with an address at Waterville, Bealnamulla, Athlone, Co Roscommon, to return to solvency.
The court heard that Mr Shine got into financial difficulties over personal guarantees he had signed in respect of the debts of a construction he had shared with his father and brother.
The company got into difficulties in 2007, resulting in Mr Shine and his relatives taking measures including selling assets they held to reinvest in the company, and they stopped taking a wage from the firm.
Despite th…
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