Court told Sean FitzPatrick on €188 a month

Tuesday 28 September 2010 13.07
Sean FitzPatrick - Anglo is his largest creditor
Sean FitzPatrick - Anglo is his largest creditor

Former Anglo Irish Bank chairman Sean FitzPatrick has an income of €188 per month, according to documents filed in the High Court as part of his bankruptcy proceedings.

Mr FitzPatrick signed a Statement of Affairs in the presence of a solicitor yesterday.

He said he has an annuity of €55,000 per annum from Irish Life, which equates to €3,693 per month after tax.

But he said he makes a loss of €3,505 per month on three investment properties in Bray, Killiney and Smithfield in Dublin.

He said this has left him with an income of €188 per month.

Mr FitzPatrick has just under €50m in assets and liabilities of just under €150m.

Earlier, Anglo Irish Bank told the High Court it will not proceed with an application to have a trustee appointed to the estate of its former chairman.

Senior Counsel for the bank Paul Gardiner said he would not be proceeding with the motion and asked for it to be struck out.

There followed a brief statutory hearing lasting less than two minutes, in which the court was told that Mr FitzPatrick had filed a Statement of Affairs.

Counsel for the official assignee, Ken Bredin, said he was 'co-operating' with the process.

Ms Justice Elizabeth Dunne made an order passing today's statutory hearing.

It now means the bankruptcy process will continue under the court-appointed official assignee. He will discharge Mr FitzPatrick's assets for the benefit of creditors.

Mr FitzPatrick was in court for today's hearing. He made no comment to reporters as he left the Four Courts.

The appointment of a trustee would have given Anglo - his largest creditor - more control over the bankruptcy process.

However, the move did not have the support of other creditors, who favoured the official assignee remaining in place.