High Court approves electrical contractor's €2.7m debt write-off

Mr Fahy will retain his family home, and his mortgage will be restructured and partially written down by €230,000 over time

Under the PIA, Mr Fahy's unsecured debts of approximately €2.5m will be written off for a payment of just over €2,000. File photo: iStock

A personal insolvency arrangement which allows a Co. Galway-based electrical contractor to write off approximately €2.7m in debt owed to financial institutions has been approved by the High Court.

Mr Justice Alexander Owens, who approved the PIA in respect of Thomas Fahy on Monday, described the arrangement as being "a good bit of business". Under the PIA, Mr Fahy's unsecured debts of approximately €2.5m will be written off for a payment of just over €2,000.