Thursday 19 October 2017

€1,001 left for creditors after liquidation of Yates's bookies

Ivan Yates: declared bankrupt under UK rules
Ivan Yates: declared bankrupt under UK rules

Gordon Deegan

New figures show that there was just €1,001 left for creditors after the first full year of the liquidation of former Fine Gael minister Ivan Yates's Celtic Bookmakers business.

Alan McLean of Dublin firm, Whiteside Cullinan, was appointed as a liquidator arising from a creditors' meeting held in Dublin in March 2012.

Papers filed with the Companies Office show that after the first year of liquidation, Mr McClean received €6,002 in receipts arising from a distribution from a subsidiary company.

However, liquidation fees totalling €5,000 has resulted in a surplus of just €1,001.

Expectations by unsecured creditors of receiving any money from the liquidation process were low after Mr Yates told the unsecured creditors at last year's meeting that there was no money to pay outstanding debts of €1.4m.

Separate documents lodged by bank-appointed receiver Neil Hughes, show that AIB received €1.5m from the sale of Celtic Bookmakers' assets in the first six months of the receivership in 2011.

The bank received a further €400,000 during the first six months of last year.

Separate documents lodged with the Companies Registration Office (CRO) show that Allied Irish Bank has not received a cent from the receivership of the collapsed business in the most recent six months reported upon.

A receiver extract recently lodged with the CRO confirms that AIB had no monies transferred to it during the final six months of last year.

The receivership has realised €2.8m, mainly from the sales of betting shops and fixture and fittings.

Receiver Neil Hughes of Hughes Blake Chartered Accountants has received a total of €216,000 in fees from the receivership to date – he received no additional fees in the latest six-month period.

Mr Yates became Ireland's most high-profile bankruptcy exile, after opting to have himself declared bankrupt under UK rules that free debtors from unpayable bills after one year.

Last year, Mr Yates was successful in having AIB's bid to have him declared bankrupt dismissed by the High Court.

Mr McLean is on annual leave and was unavailable for comment yesterday.

Irish Independent

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