High Court approves deal for Corkman to write off €3.4m debt for €30,000

John Maloney, a project manager with a development company, was involved in a nursing home development and another project to develop lands in Co. Cork, both of which did not work out

The creditor was financial fund Cabot Financial, which had acquired loans he had given guarantees on several years ago and which was owed over €3.4m. File photo: iStock

A Personal Insolvency Arrangement has been approved by the High Court that will allow a 47-year-old Cork man write off over €3.4m in debts for €30,000.

On Monday, Mr Justice Alexander Owens approved a PIA in respect of John Maloney a project manager with a development company, of Chestnut Haven, Ballyclough, Kilworth in Co. Cork.