The carmaker has a court-approved 19 million euro debt write-off

The High Court has approved a personal insolvency agreement (PIA) allowing a 59-year-old man to write off more than 19 million euros of his debts.

The PIA has been approved for Eamon Murray of Killycarney, Blacklion, Co Cavan, who works as a building foreman.

He has been involved in the construction industry for many years.

Due to the 2008 financial crisis and subsequent collapse of the Irish economy, Mr Murray became insolvent and unable to pay his debts as they fell due.

Its creditors include Bank of Ireland, which was owed most of its debt of more than 15 million euros, AIB, the Revenue Commissioners, Start Mortgages and Everyday Finance.

Under its PIA, its creditors will receive a lump sum of €10,000, contributed by a third party, over the next three months.

His primary private residence was excluded from the PIA, but this property will be retained. The mortgage on the property needs to be restructured.

The court heard that he was divorced from his wife, had no dependent children, wanted to move on with his life and settle his debts.

Under the terms of the PIA, he will also keep the BMW X5 SUV he uses for work.

Mr Murray’s application for PIA approval was presented to Judge Mark Sanfey at the High Court on Monday.

AIB initially opposed approval of the 12-month PIA.

However, the objection was withdrawn, the court heard and the judge approved the arrangement.

The PIA was proposed to the court by Mr Murray’s personal insolvency practitioner, Nicholas O’Dwyer, who was represented in the legal proceedings by Keith Farry.

In a sworn statement, the personal insolvency practitioner said the PIA represented a better outcome for Mr Murray’s creditors than if he were declared bankrupt.

It also allows Mr. Murray to pay off his debt.

The court also heard that receivers had already been appointed to several properties in which Mr Murray had an interest.

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