A Personal Insolvency Arrangement (PIA) has been approved by the High Court allowing a Co Clare man write down almost all of his €60m debts. Under the PIA Mr Whelan will make a payment of approximately €50,00 to his creditors. One of the conditions was that there would be an effective 12 months supervisory period in relation to the PIA, counsel said. Counsel said that Mr Whelan's Personal Insolvency Practioner Mr Jim Stafford was satisfied that the PIA should be approved. In addition, the judgement obtained against Mr Whelan are to be deregistered on the successful completion of the PIA, counsel said.

Source: Irish Examiner January 20, 2020 16:52 UTC