Carlow Farm Saved From Sale…

????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.
This site uses cookies to offer you a better browsing experience. By browsing this website, you agree to our use of cookies.