Businessman in Cork fails to get €3m insolvency arrangement approved

Daniel Drew operates a petrol and convenience store in Turner's Cross, Cork

Also included in the PIA was a provision where Mr Drew would contribute €42,000 as a lump sum payment to his creditors, which would provide a dividend of 1.1% of what is owed. If Mr Drew were to be adjudicated a bankrupt, the unsecured creditors would get no return. File photo

The High Court has refused to approve a Personal Insolvency Arrangement (PIA) for a businessman with over €3m in debts.

Mr Justice Mark Sanfey said that he could not approve the PIA for Daniel Drew. In his judgement, the judge said the court had no jurisdiction to entertain an application to approve the PIA, which had been rejected at a meeting of Mr Drew's creditors in 2019.