Business

Saturday 21 October 2017

Former 'Dragons' Den' star Sarah Newman exits bankruptcy in the UK

Entrepreneur Sarah Newman
Entrepreneur Sarah Newman
John Mulligan

John Mulligan

Former 'Dragons' Den' star and ex-millionaire Sarah Newman has quietly emerged from bankruptcy in the UK - a year after hitting the headlines as she sought to tackle her massive debts.

Records in the UK confirm that the businesswoman exited bankruptcy there within the past few weeks.

Ms Newman was due to appear before Dublin's Commercial Court in March last year as part of a case taken by AIB. It had been trying to recover a €9m judgment secured in 2011 against Ms Newman and her former partner, hurling legend DJ Carey.

But the bank said it was not proceeding with a cross-examination of Ms Newman in light of the fact that she had just been declared bankrupt in the UK.

Bankruptcy documents in the UK list Ms Newman's address as being in Bury St Edmonds, Suffolk, but note that she was previously at an address in Monkstown, Co Dublin.

Ms Newman sold her Monkstown mansion in 2012 and also sold the stunning Swiss property Chalet Grace at the foot of the Matterhorn which could accommodate 14 people.

The chalet was completed in 2010 and put on the market for €12.1m.

After she entered bankruptcy last year, a statement issued on behalf of Ms Newman said that she had disposed of all her assets to reimburse the banks, but that a "significant shortfall" remained.

Following the sale of properties and some repayments, AIB claimed almost €6.4m was still outstanding. The bank had wanted to question Ms Newman about any other debts.

Judgment for €9.5m was entered against Mr Carey partly arising from a €7.8m mortgage granted in April 2007.

This had been part of a wider commercial transaction involving Mr Carey and associated businesses to refinance existing debt due to Irish Nationwide Building Society.

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