Friday 9 December 2016

FitzPatrick 'owes €40,000 to his wife'

Laura Noonan and Emmet Oliver

Published 22/09/2010 | 05:00

THE wife of former Anglo Irish chief Sean FitzPatrick is among those owed money by the ex-banker, the High Court is expected to hear today.

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It is understood a High Court bankruptcy official will list Catriona FitzPatrick among creditors and say she is owed about €40,000.

Other creditors include business associates, friends and businessman Paul Connolly who is believed to be owed a "small amount". Several property management companies are also believed to feature. Mr FitzPatrick was declared bankrupt in July and owes state-owned Anglo about €110m. He also owes sums to other companies such as AIB, Bank of Scotland (Ireland) and Friend's First.

His assets will now be sold and the proceeds given to the banks and the Revenue Commissioners.

Mr FitzPatrick's entire assets are up for grabs in the bankruptcy proceedings, including his share of the family home, his pension, his car and shares he has in various foreign properties. Mr FitzPatrick retains furniture and the "equipment of his trade'' and other "necessaries'' for himself and his family, according to the Bankruptcy Act 1986. With his pension to be seized and no income flow from any of his investments, Mr FitzPatrick will find it hard to lead an independent financial life.

Properties

However his wife, who never worked at Anglo, retains her assets, which are considerable, according to court documents disclosed in July. She has a share in three apartments and three houses, one being the family home. Her share of these assets cannot be touched, which will mean Mr FitzPatrick will depend for much of his future income on his wife.

Anglo has been strongly pressing to have its own representative appointed to head up this process but it may now withdraw this request, which would be a minor victory for Mr FitzPatrick who wants the whole process left in the hands of Chris Lehane, an official of the High Court and is not affiliated with Anglo. The High Court official will today also tell the court he wants to look closer at what security Mr FitzPatrick provided for loans held by Mr FitzPatrick's family. But it is understood these loans were paid down when shares and properties in London owned by the family were sold.

RTE claimed last night that a deposit belonging to Mr FitzPatrick was moved within the bank in February 2009 and at the same time loans taken by Mr FitzPatrick's wife and three children were repaid.

RTE claimed Mr Lehane will tell the court it is necessary to investigate these transactions further. Anglo and Mr FitzPatrick declined to comment on this last night.

Irish Independent

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