Insolvency regime beneficiary gets 70% write-off

The first person to benefit from a debt settlement under the new personal insolvency regime is reported to have had up to 70% of his debt written off.

The case involved a HSE worker in his 40s from Co Donegal.

This writedown of unsecured debt was a result of a business failure caused by a family member being diagnosed with cancer, according to lobby group New Beginning.