The High Court has approved a Personal Insolvency Arrangement (PIA) allowing a 59-year-old man to write off more than €19 million of his debts.

The PIA was approved in respect of Eamon Murray a of Killycarney, Blacklion, Co Cavan, who works as a building foreman.

He had been involved in the building sector for many years.

Due to the financial crisis of 2008 and the subsequent collapse of the Irish economy Mr Murray became insolvent and unable to pay his debts as they fell due.

His creditors include Bank of Ireland, which was owed the bulk of his debt of more than €15 million, AIB, the Revenue Commissioners, Start Mortgages and Everyday Finance.

Under the terms of his PIA, his creditors will receive a lump sum of €10,000, provided by a third party, over the next three months.

His principle private residence was excluded from the PIA, but that property will be retained. The mortgage on the property is to be restructured.

The court heard he is divorced from his wife, has no dependent children, wishes to get on with his life and deal with his debts.

Under the terms of the PIA, he will also retain the BMW X5 SUV he uses for work.

The application to approve Mr Murray’s PIA came before Mr Justice Mark Sanfey at the High Court on Monday.

AIB h ad initially objected to the PIA, which is 12 months in duration, being approved.

However, the objection was withdrawn the court heard and the judge approved the arrangement.

The PIA was proposed to the court by Mr Murray’s Personal Insolvency Practioner Nicholas O’Dwyer, who was represented in the court proceedings by Keith Farry.

In a sworn statement, the Personal Insolvency Practioner said that the PIA represented a better outcome to Mr Murray’s creditors than if he was adjudicated a bankrupt.

It also allows Mr Murray to resolve his indebtedness.

The court also heard that receivers had previously been appointed over several property assets in which Mr Murray had an interest.