The biggest threat to farmers with financial issues is that they are going to the wrong people for advice or looking for that advice too late, according to Gary Digney.
he chartered accountant and personal insolvency practitioner devised a recent landmark Personal Insolvency Arrangement (PIA) for a Roscommon farming couple who owed more than 500,000 to a bank and other creditors. The Circuit Court ruled that the couple, who were represented by Keith Farry BL, could avail of the PIA despite creditor opposition to the arrangement.
The decision is one of a number in the last eight months where both a residence and a family farm have been saved through a PIA. It is the first time such an arrangement has been approved in the face of creditor op…
Read the full article at: https://www.independent.ie/business/farming/news/how-a-personal-insolvency-arrangement-can-help-farmers-escape-a-debt-trap-39431691.html
