According to details on the national broadcasters website, the recipient of the debt write-down is Donegal based. Circumstances that led to today’s decision are a business failure.

Up to six creditors were involved in the agreement, including three of the major Irish banks.

The individual’s personal insolvency practitioner was Ronan Duffy of Derry-based McCambridge Duffy, a company that provides debt negotiation services in Northern Ireland and the UK.