Ivan Yates says bankruptcy experience 'harrowing'

Monday 02 September 2013 22.55
Ivan Yates said he felt shame over his bankruptcy experience
Ivan Yates said he felt shame over his bankruptcy experience

Former government minister Ivan Yates has said that despite emerging from bankruptcy, AIB is threatening his wife Deirdre with a judgment of more than €3m.

Mr Yates has lived in Wales for the past 16 months and declared himself bankrupt.

In an interview on the Pat Kenny Show on Newstalk, he said today that "his only comfort was in the bottom of a glass".

Mr Yates described the bankruptcy experience as "harrowing".

He said he felt ''a deep sense of shame" while an "indelible stain" had been left on his reputation.

Mr Yates's Celtic Bookmakers, which had 63 outlets at its peak, went into liquidation in 2011.

The former minister had signed a personal guarantee over his debts, a step he described as "utterly naive and foolish".

Mr Yates is to return to his former career as a broadcaster later this week.

AIB claimed it was owed almost €4m by Mr Yates.

In a statement today it said: "AIB does not typically comment on individual customer cases.

"However, the bank adopted a position of negotiating in good faith to secure a resolution of Mr Yates's situation."