A Clareman has seen over €220,000 written off of his family home mortgage as part of a Personal Insolvency Arrangement.
The write-down by KBC Bank is for nearly 65% of the total value of the loan.
The 59-year old married stonemason had already been granted court protection after accruing debts of €2.3 million from the property collapse.
This allowed his Personal Insolvency Practitioner negotiate with secured and unsecured creditors, who have all agreed to the deal approved by Judge Michael Meaghan at Ennis Circuit Court yesterday.
The man's mortgage, worth just over €346,000, has now been reduced by €223,000 while its term has also been shortened.
He is to sell a number of assets to pay a dividend to his creditors, including a farm and other commercial and residential properties.
It's estimated this will realise around €605,000, under a third of his remaining debt, but financial analysts say this is more than if other measures such as bankruptcy had been pursued.
