Vulture funds are fuelling insolvency, warns practitioner who negotiated Cork publican's €58m write-off

Last week, John Gaffney had debts of more than €58m written off as part of a High Court-approved personal insolvency arrangement which was negotiated by Alan McGee. 

Ireland is facing a cost-of-living insolvency problem as vulture funds pursue homeowners trapped by crippling mortgage interest rates.

That is the warning from solicitor and personal insolvency practitioner (PIP) Alan McGee, who negotiated a near €59m debt write-off for a Cork publican, approved by the courts last week.