High Court allows farmer to keep €1.8m farm under debt restructuring plan

Under the arrangement, Fergus O’Connor will keep €1.8 million worth of farming assets, including land and sheep, as well as his €230,000 family home which sits on seven acres of land

His debts arose primarily from funds he and his now estranged wife borrowed in 2006 from Ulster Bank to purchase 64 acres of land for €1.1 million. File photo

An indebted farmer has secured a court-backed debt restructuring plan that allows him to keep his home and €1.8 million farm.

Despite objections from his primary creditor, Mr Justice Alexander Owens made orders approving the personal insolvency arrangement (PIA) sought by Co. Wexford-based Fergus O’Connor (47), who has debts totalling €1.1 million.