THE first personal insolvency case has come before the courts - in a move legal experts said offers hopes for thousands who are deep in debt.
A Donegal man was granted protection from his creditors for 70 days, as part of the first steps in a formal debt deal.
The case was heard in Monaghan before a new special circuit court judge, who was appointed to deal with cases processed by the new Insolvency Service of Ireland.
It is understood the man has six-figure borrowings that he is unable to repay.
The man is seeking a debt settlement arrangement, which involves debts other than mortgage borrowings.
A debt settlement arrangement involves a person paying back what they can over five to six years, and at the end of this time they are likely to get some borrowings written off
The Donegal man will now have to agree a deal on what he can repay his creditors.
The case was brought by New Beginning lobby group of legal experts, who help people who are over-indebted.