Courts / Galway / Report
Insolvency arrangement sees €2.5m in debt written off for payment of €2k
Summary
The High Court approved a Personal Insolvency Arrangement for Thomas Fahy, a 58‑year‑old self‑employed electrical contractor from Cortoon, Claregalway. Under the arrangement, Fahy's unsecured debts of about €2.5 million will be written off in exchange for a payment of €2,300 to creditors. He will keep his family home, with the mortgage restructured and partially written down by €230,000 over time. The scheme will be funded by a €7,900 lump‑sum payment, of which €5,600 covers the Personal Insolvency Practitioner's fees and the remainder goes to unsecured creditors. The arrangement is 24 months long, with monthly payments of approximately €1,094.29 to Pepper Finance and interest‑only payments of €190 for the first year. No objections were raised, and the court found the proposal met insolvency criteria.
Who, what, where, when and why
What: Report matter: Insolvency arrangement sees €2.5m in debt written off for payment of €2k. Procedural stage: hearing_or_decision
When:
- 2023-06-12 Publication
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