The High Court has approved a Personal Bankruptcy Agreement (PIA) that allows a Co Wicklow construction manager to write off nearly $ 3 million in debt.
The PIA has been requested in relation to Ciaran O’Neill, 59, who will contribute € 163,000 during the six-year agreement.
His creditors include Promontoria Aran and Promontoria Scariff DAC, who acquired loans on which Mr. O’Neill had given personal guarantees. When the interest is included, the Fund claims they were owed more than EUR 2 million.
Further creditors were AIB and AIB Mortgage Bank, to which around € 490,000 are owed; Bank of Ireland, which owed € 61,000; and the Revenue Commissioners, owed € 180,000. He also owed amounts of to dozens of creditors, firms and suppliers in the construction industry