Cork publican has debts of more than €58m written off

John Gaffney will have almost all of the debt written off but he and his family can continue living in the family home subject to the monthly mortgage repayments of  €4,500

John Gaffney, former co-owner of Flannery's Bar on the Glasheen Rd in Cork. File Picture: Denis Minihane

A Cork publican has had debts of more than €58m written off as part of a High Court-approved personal insolvency arrangement.

John Gaffney, of Mountain Lodge, Ballyleigh, Waterfall, Co Cork, was a major property investor in the Celtic Tiger boom years before the global financial crash began in 2008, the High Court was told.