Builder has €19m in debt written off as court approves PIA

The High Court has approved a Personal Insolvency Arrangement enabling a 59-year-old building foreman from Blacklion, County Cavan, to write off approximately €19 million in debt. Mr Justice Mark Sanfey granted approval to the arrangement on Monday, following an application by the man's Personal Insolvency Practitioner. Under the terms of the PIA, creditors including Bank of Ireland, AIB, the Revenue Commissioners, Start Mortgages and Everyday Finance will receive a lump sum of €10,000 over three months. The man's principal private residence and a BMW X5 vehicle used for work will be retained, with the mortgage to be restructured. AIB initially objected to the arrangement but subsequently withdrew its opposition. The practitioner stated that approval represented a better outcome for creditors than bankruptcy proceedings and would permit the debtor to resolve his indebtedness.