Debt fund allowed to appeal debt deal that enabled man to keep €1.8m farm

Promontoria argued the decision will have a “significant impact” on the ability of creditors to recover debts from a debtor who holds agricultural land exceeding the value of the debt owed

The High Court found in the original case that Fergus O’Connor was insolvent as defined in the Personal Insolvency Act 2012-2015 and approved the arrangement. File picture

A debt fund has persuaded the Supreme Court to hear its appeal against approval for a personal insolvency arrangement (PIA) allowing a man to keep his €1.8 million farming assets.

Promontoria (Oyster) DAC’s appeal relates to the personal insolvency arrangement of Co. Wexford-based Fergus O’Connor (47), who had debts totalling €1.1 million.