In what is considered a ‘landmark’ insolvency deal, around 70 per cent of a Donegal man’s debt has been written off, it is understood.
The Donegal borrower – who is an HSE worker – had partnership in a business that eventually failed.
Lobby group New Beginning struck the deal at a creditors’ meeting yesterday evening.
The individual could not pay his debts after his business failed, and it is understood three of Ireland’s main banks were among six creditors involved.
The individual’s personal insolvency practitioner was Ronan Duffy of Derry-based McCambridge Duffy.
A protective notice had been issued in court in Monaghan on October 21.
Ross Maguire from New Beginning said “It’s a landmark case because it’s the first of its type. The personal insolvency legislation came into force in September, and the first protective notice was issued on the 21st of October, and then the deal took a little under six weeks.
“We have hundreds more cases ready to go, and hundreds more backed up behind that again.”
If you have a story or want to send a photo or video to us please contact the Donegal Live editorial team any time. To contact Donegal Democrat and Donegal People's Press, email firstname.lastname@example.org To contact Donegal Post, email email@example.com To contact Inish Times, email firstname.lastname@example.org.
Subscribe or register today to discover more from DonegalLive.ie
Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.
Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.