The Personal Insolvency Act can be used by farmers to restructure debt and retain the family home and land.
But many farmers are not aware of these mechanisms available to them, that were established by the Personal Insolvency Act 2012.
Its a game-changer, says personal insolvency practitioner (PIP) Gary Digney, who addressed the recent Irish Creamery Milk Suppliers Association (ICMSA) webinar on debt resolution.
What has come out of that is the personal insolvency arrangement (PIA) which can help farmers to restructure debt and, critically, retain the land.
How do farmers get into debt in the first instance?
ICMSA president Pat McCormack says the reasons are varied.
Theres no doubt that making the kind of investments in new equipment and…
Read the full article at: https://www.irishexaminer.com/farming/arid-40221164.html
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