📍A 74 year old farmer from Carlow has saved his land from sale through a Personal Insolvency Arrangement (PIA).
📍The Carlow farmer owed debts totalling €215,000, €100,000 of which was secured over the 60 acre farm, which is now farmed by his son.
📍The secured creditor instigated selling the land, however the sale was stopped as the farmer had a proposal prepared and put to all his creditors to repay the debt.
📍The three secured creditors voted against the proposal.
📍The Personal Insolvency Practitioner brought a court application to get this PIA approved and was successful.
📍For the first time, we see that the income from the farm – now run by the farmer’s son will repay the debts owed by his father.
📍Therefore, the lands will not be sold and all the creditors will get paid in full over a 10 year period.
📍The secured creditors are to be paid interest and part capital while the unsecured creditors will be paid in full in the 6 year PIA.
📍The secured creditors will then be paid in full from Year 6- to Year 10.
Another great case in which the creditors are re-payed fully and the farmer gets to keep his land.
If you are in a similar situation phone R Hendy & Co today on 0402 29376 ext.1 and take the first step to looking into your Insolvency options.