Cork woman allowed to keep family home in €4.2m debt write-off

She will surrender two properties, located in Ballykisteen, Co. Tipperary, which are to be sold to satisfy part of her debts.

As part of the PIA, which is to be 12 months in duration, a once-off lump sum payment of €50,000 from a third party is to be made to her creditors. File photo: iStock

A Personal Insolvency Arrangement has been approved by the High Court which allows a woman to write off about €4.2million in debt owed to financial institutions.

At the High Court Mr Justice Mark Sanfey approved the PIA for 54-year-old Assumpta Gaffney, an accounts administrator with a construction firm, who is married with two dependent children.