High Court Judgement On Farm Insolvency Case Welcomed. – ICMSA.
Speaking in relation to the High Court case approving a PIA for a farmer being pursued by a financial institution, Mr. Shane O’Loughlin, Chairperson of ICMSA’s Farm Business Committee, welcomed the decision of the High Court and said that the PIA mechanism provided a basis for farmers who find themselves in a difficult debt situation to get back on their feet and farm their way out of financial difficulties.
ICMSA, Mr. O’Loughlin said, has been working with Gary Digney, FPM Accountants for a number of years in relation to members who found themselves in financial difficulty with the danger that their farm, the basis of which they earn their income, would be sold by the financial institution.
These are hugely stressful situations for the individuals concerned and their families and the use of the PIA mechanism has meant that debt levels that appear unsurmountable in some cases can be restructured over a longer period at a defined interest rate that allows the farmer to farm his/her way out of difficulty.
ICMSA welcomes the decision of the High Court on this matter and it is good to see a decision that supports individuals against the might corporates, concluded Mr. O’Loughlin.
Ends 18th July 2022
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Shane O’Loughlin is at (086) 8386031.
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