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. 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.