A debt fund has persuaded the Supreme Court to hear its appeal against approval for a personal insolvency arrangement (PIA) allowing a man to keep his 1.8 million farming assets.
Promontoria (Oyster) DACs appeal relates to the personal insolvency arrangement of Co Wexford-based Fergus OConnor (47), who had debts totalling 1.1 million.
It is understood to have been the first time the High Court heard and approved a contested PIA application concerning a farm, which was described as a core asset supporting the tillage and sheep farmers livelihood.
In a determination granting leave to appeal, three Supreme Court judges said it will consider what constitutes a readily realisable asset in the context of insolvency and PIA applications.
Credi…
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