Welsh court declares Ivan Yates bankrupt
FORMER MINISTER DUE BACK IN IRELAND TODAY
FORMER Cabinet Minister Ivan Yates has been formally declared bankrupt in a Welsh court.
But the bookie turned broadcaster is back in Ireland today for a happy family occasion.
The address of the man from Blackstoops was given to Judge Peter Llewelyn as Meridian Wharf in Swansea.
The city was headquarters of his Celtic Bookmakers before the business collapsed leaving him ruined.
He has been living there preparing a draft of his memoirs, due to be completed next year.
However, the Enniscorthy man is due in Dublin today to attend the graduation ceremony for one of his daughters.
The ex Minister for Agriculture left his job presenting the breakfast show on Today FM.
He declared his intention to take advantage of the more liberal bankruptcy regime in the UK.
However, filing for bankruptcy in the face of debts amounting to millions of euro is no easy option.
All of his assets must now be handed over to a liquidator while he is allowed a basic living allowance.
The bankruptcy will require the sale of the 160 acre Yates family farm at Blackstoops, which remains home to his mother.
Nevertheless, Mary Yates will be allowed to remain in residence as long as she wishes to do so.
Ivan Yates has complained that his mother was caught up in AIB Bank's efforts to recover more than €3 million lent to Celtic.
He has told reporters that as one stage earlier this year, the bank attempted to serve a summons on the 80 as she left church.
'It is not fun this for anyone,' said his wife Deirdre Yates sadly when contacted yesterday (Monday).
She has returned to her work as a primary school teacher in recent times.
While her embattled husband has been in Wales, she was free to go about her business in Enniscorthy at the weekend.
However, Ivan has said he does not foresee himself coming home for any more than just a visit, in the short term at least.
'For the forseeable future, I cannot see any opportunities for myself in Ireland,' he said in an interview at the weekend.
'I cannot return to media work because I was self employed, and now I am disqualified from having my own company. Like a lot of others, I face early retirement.'