THE brother of horse racing millionaire JP McManus will be discharged of his debts in just seven months after declaring himself bankrupt in Britain.
Michael McManus (52), who ran property and car companies in Limerick, declared bankruptcy last November. Listing his address in the town of Amersham, Buckinghamshire, Mr McManus is to be discharged of his debts a year from that date.
One of five brothers, Mr McManus is the younger brother of racing kingpin and philanthropist JP McManus, whose fortune has been estimated to be as much as €577m.
He is the latest in a growing list of Irish businessmen to take advantage of Britain's more lenient bankruptcy laws.
Developer Bernard McNamara, Westlife singer Shane Filan and broadcaster and former government minister Ivan Yates have all declared bankruptcy in Britain.
Bankrupts in Ireland will still face a three-year wait for discharge under imminent changes to the personal insolvency laws.
Michael McManus is well known in Limerick for his previous work through a car-dismantling business.
'Mick McManus Dismantlers' was run from a previous family home in Fortfield in the Limerick city suburb of Raheen.
Five of the bust businessman's former companies are listed as dissolved by the Companies Registration Office.
KBC Bank secured a €9.2m judgment against him in the High Court in 2009.
He had sought a loan from the bank to refinance existing borrowings from Bank of Scotland in relation to 57 acres of development land in Co Clare.
Mr McManus did not contest the bank's claim.
Mr McManus wasn't home at his apartment in Amersham when the Irish Independent called and could not be contacted last night.
He refused to comment on his bankruptcy application to another newspaper.