Court approves PIA allowing businessman to write off over €16m in debts owed to financial fund

Under the terms of the PIA, Kildare man will retain his family home, valued at €1.5m and his mortgage, of which just over €1m remains outstanding, will be restructured

Court heard business's problems were caused by the financial downturn and the company ceased trading due to it unsustainable debts.

The High Court has approved a Personal Insolvency Arrangement allowing a Co Kildare man to write off over €16m of unsecured debts owed to a financial fund.

The PIA was approved by Mr Justice Alexander Owens on Monday in respect of 54-year-old Dermot King, with an address at Ardreigh House, Bishopscourt, Straffan, Co Kildare.