The High Court has approved a personal insolvency deal for former Cork dentist-turned-property developer Barry Harte allowing him to escape Celtic Tiger-era debts of €170 million, via IrishTimesBiz
Mr Farry told the court that the Timoleague-based businessman established Harte Holdings in the early 1990s, specialising in property investment and development in the residential and hospitality sector. The main focus of his business was in the Republic and in London.
Following the sale of the assets, Mr Harte is nursing “residual” debt of €170 million, but with household monthly income of just more than €6,000 including the earnings of his wife, Barbara, he was forced to seek a PIA from the court. Some €70,000 will go to his creditors with a further €6,000 going to pay his personal insolvency practitioner and €4,000 to the Department of Social Protection in a redundancy payment.
Mr Harte owes significant sums to individual investors including Florence and Didier De Witte, the Belgian businessman. They are owed €16.1 million. The couple did not support Mr Harte’s application to secure the PIA. Ulster Bank also voted against the application, the court was told.The Cork businessman is also voluntarily surrendering a holiday property in Bundoran, Co Donegal, valued at €165,000, which will go towards repaying a €183,000 debt to EBS.
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