70% debt write-off in first personal insolvency deal

The first personal insolvency case since new legislation was introduced to deal with personal debt has resulted in more than 70% of the borrower’s debt being written off according to a report appearing on RTE.ie. 

The arrangement was agreed at a creditors’ meeting this afternoon.

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. 

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