A former Cork dentist turned property developer has had a record €170 million in debt written off in a personal insolvency agreement (PIA).
It is the largest PIA ever approved by the High Court.
As part of the agreement, 55-year-old Barry Harte from Timoleague, Bandon, Co Cork is to provide a total of €80,000 to his creditors.
The court heard Barry Harte, who was originally a dentist, set up Harte Holdings in the 1990s. The company specialised in property investment and development in the hospital and residential sectors, mainly in Ireland and in London.
Barrister, Keith Farry, told the court the business was fuelled by loans from banks and private investors during the Celtic Tiger era. His property portfolio was worth around €650m at its peak but in 2008, "like many more at the time", Mr Farry said "the train came to a spectacular crash" and the assets went into negative equity.
Mr Harte effectively became an "asset manager" for NAMA and the other financial institutions and most of the assets have now been disposed of.
However, Mr Harte owed residual debts totalling around €170m to NAMA, Ulster Bank, Link Finance, Pepper finance and several individuals the court heard. He currently earns around €2,900 a month and together with his wife, Barbara, has a joint household monthly income of just over €6,000 a month.
Mr Justice Alex Owens said the vast majority of the creditors will get only a tiny return as a result of the PIA, marginally better than if he was to be declared bankrupt.
Friends and family have provided the funds for Mr Harte to make a payment of €80,000 to settle some of his debts and to pay his personal insolvency practitioner.
His family home, which is in his wife's name, is to be sold but they will be able to remain living there.
The largest PIA previously approved by the court was a write off of €133m for former rugby player, Pat Whelan in 2018.
