Courts / Westmeath / Report
Property developer has €25m in debt written off under PIA
Summary
The High Court approved a Personal Insolvency Arrangement (PIA) for 44‑year‑old Tony Diskin, a property developer who had fallen into debt after the 2007‑08 economic crash. The PIA will allow Diskin to write off about €25 million of debt owed mainly to financial institutions, including Bank of Ireland, Cabot Finance and AIB. AIB had initially opposed the application, but its loan was sold to Everyday Finance, which did not oppose the PIA. The arrangement will be funded by a €30 000 lump sum from a third party, less fees, giving creditors a 0.1 % dividend. The PIA, lasting six months, will provide Diskin with adequate living expenses and allow him to retain his family home in Churchfields, Coosan, Athlone, Co Westmeath. The home, valued at €395 000, has a mortgage of €75 000 owed to KBC Bank, which will continue to be paid down.
Who, what, where, when and why
What: Report matter: Property developer has €25m in debt written off under PIA. Procedural stage: hearing_or_decision
When:
- 2022-12-12 Publication
Places mentioned
- The High Court
- High Court
Topics
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