Monday 9 December 2019

Former Anglo chairman Sean Fitzpatrick to emerge from bankruptcy next month

Aodhan O'Faolain

FORMER Anglo Irish Bank chairman Seán FitzPatrick will exit the bankruptcy process early next month, it has been confirmed.

Mr FitzPatrick was adjudicated  a bankrupt almost four years ago with debts of €147m and assets worth less than €47m. At the time of the adjudication, he would have expected to remain a bankrupt for a period of up to 12 years.

However, under new insolvency laws introduced in December last, the duration of bankruptcy has been reduced to three years.

As a result, a person can emerge from bankruptcy once the court appointed official in charge of the bankruptcy - the official assignee - is satisfied they have fully co-operated with the process.

Mr FitzPatrick will exit the process in June, it was learned today. 

When Mr FitzPatrick's bankruptcy was briefly mentioned before the High Court's Mr Justice Brian McGovern today, the judge granted orders allowing €1.6m to be paid out of the estate in bankruptcy to the Revenue Commissioners.

The payment was made on an interim basis to Revenue, which the court was told, is a preferential creditor.

The application for the payment out was made by the official assignee Chris Lehane.

Mr FitzPatrick aged (65), with an address at Greystones, Co Wicklow, was not present in court for the application.

Following his adjudication  Mr FitzPatrick provided a statement of affairs to the official assignee stating he had debts of €145m, the bulk of which was owed to various financial institutions including Anglo, compared to assets of some €47m.

The adjudication was made at his own request shortly after opposition from Anglo ensured the collapse of his proposed settlement deal with creditors. 

In his 2010 statement of affairs, Mr FitzPatrick revealed his interest in several properties, including his family home and another house in Greystones, Co Wicklow; a house in Bray, Co Wicklow, and apartments in Marbella, Spain; at Smithfield Market, Dublin and Killiney Court, Killiney.

He also listed property assets in the UK, France, Hungary, South Africa and the US in his statement.

The statement  revealed further assets including his interests in Nigerian oil and gas firm Ekeh and with the Quinlan Property group.  He also held a number of investment portfolios, held with stockbrokers firms.

Aside from his debts to financial institutions, the Revenue claimed it was owed more than €3m by him.  Part of that demand by Revenue was appealed by the businessman.

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