An East Clareman has been given court protection to allow him strike a deal with banks and other creditors on a debt of €1.77m.
The Insolvency Service of Ireland has confirmed it’s the largest amount involving an insolvent person to have a protection certificate granted, among just over a dozen such cases that have come before the courts to date.
Ennis Circuit Court heard the 46-year old married father of one has been forced to go abroad for work, having borrowed money to buy two commercial premises in Dublin and Limerick, as well as two buy-to-let properties.
The man has kept up mortgage payments on the family home, but not on the investment properties. The €1.77m is owed to 14 creditors.
Judge Patrick Meaghan said he was satisfied that the Clareman was insolvent, and granted the protection certification which will provide protection to the man over the next 70 days.
Personal Insolvency Practitioner John Hogan, who represented him in court, will now attempt to reach an agreement with creditors on the money owed.
