Developer gets €7.7m debts written off by High Court

A boom-time developer has had €7.7 million of debts written off under a court-approved personal insolvency arrangement .

He founded Bespoke Construction LTD and was involved as a director and shareholder with two other development firms. Keith Farry, representing personal insolvency practitioner James Green of McCambridge Duffy, said Ulster Bank voted against the PIA in a creditors’ meeting but it was not objecting before the court.

Mr O’Connor had debts totalling some €6 million arising from borrowings during the Celtic Tiger years to pursue commercial ventures. Unsecured creditors, owed more than €5.4 million, will collect 0.01 cents in the euro, sharing a dividend of €636. This compares to nothing under a bankruptcy scenario, the court heard.

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