Cork businessman secured 99 per cent debt write-off from bank in formal insolvency deal
For AIB, the settlement amounted to a debt write-off of 99 per cent in a PIA devised by the Dungarvan-based personal insolvency practitioner Mitchell O’Brien.
“Don’t tell me I got an easy ride; I went through torture for four or five years. Anyone who thinks you walk away unscathed is wrong. The turbulence before it is frightening,” he said. “The deal comes at a huge cost; you lose your pension, you are stripped of more or less of everything. I was left with my house, which you get to keep in a PIA.”
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AIB agreed 1,900 big debt write-off dealsBank discloses in wake of controversy over DJ Carey’s debt deal that it scrapped more than 90% of debts for borrowers in private settlements
Read more »
Almost 2,000 AIB borrowers got debt write-offs of more than 90%The lender said that much of the commentary around such debt arrangements has ‘not presented the full picture’
Read more »
Almost 2,000 AIB borrowers got debt write-offs of more than 90%The lender said that much of the commentary around such debt arrangements has ‘not presented the full picture’
Read more »
Big debt write-downs from banks 'are not unusual' | NewstalkAIB is appearing before an Oireachtas Committee to discuss its debt write-down policy
Read more »
Nearly 2,000 AIB customers received 90% debt writedownThe Oireachtas Finance Committee is questioning AIB on its policy on debt write-downs.
Read more »
Live: AIB tells Oireachtas committee it offers ‘no special deals’ on debt write-off agreementsFinance committee to question bank about policy on debt forgiveness deals for financially distressed borrowers in wake of controversy over DJ Carey debt settlement
Read more »