Donegal HSE worker has 70% of debt written off in Ireland’s first insolvency deal

A HSE worker from Donegal is understood to have completed Ireland’s first insolvency deal with more than 70% of the borrower’s debt written off.
The arrangement was agreed at a creditors’ meeting today at the offices of  ‘New Beginning’.
The Donegal borrower was a partner in a business that failed – the collapse of the business left the individual with a residual debt they could not pay.
It’s understood three of Ireland’s main banks were among six creditors involved in the deal which follows the issuing of an protective notice in court last month in Co Monaghan.
The individual’s personal insolvency practitioner was Ronan Duffy of Derry-based McCambridge Duffy.
New Beginning has welcomed the development.