Ireland’s first insolvency case sees big debt cut

The country’s first completed insolvency deal has seen more than 70pc of the borrower’s debt written off, according to a report on RTE.

The arrangement was agreed at a creditors’ meeting this afternoon at the offices of lobby group New Beginning.

The borrower is a HSE worker from Donegal who was a partner in a business that failed.

The collapse of the business left the individual with a residual debt they could not pay.

It is understood three of Ireland’s main banks were among six creditors involved.

The deal follows the issuing of an protective notice in court last month in Co Monaghan.

The individual’s personal insolvency practitioner was Ronan Duffy of Derry-based McCambridge Duffy.

The development has been welcomed as a watershed by New Beginning. Source: RTE News