No attempt to hide his €4m property portfolio
Published 23/09/2010 | 05:00
IT was a ruse used by many developers who did business at his bank -- the transferral of property interests into the name of a spouse in an attempt to put them outside the reach of creditors.
But the tactic was not used by Sean FitzPatrick.
As the banks moved in on the former Anglo Irish chairman FitzPatrick, he made no effort to transfer his property interests.
His statement of affairs filed yesterday as part of his bankruptcy shows him to have been the co-owner of five properties in Ireland, none of which were transferred into anyone else's name.
Most of the properties are co-owned by Mr FitzPatrick and his wife Catriona. When taken together, their value is more than €4m. Half of the value of the properties will now go to FitzPatrick's creditors. The couple have a rental income of €51,900-a-year from three investment properties they own in Killiney and Smithfield in Dublin and Bray, Co Wicklow.