Seán FitzPatrick to exit bankruptcy next month

Monday 26 May 2014 22.49
Seán FitzPatrick entered bankruptcy almost four years ago
Seán FitzPatrick entered bankruptcy almost four years ago

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

Mr FitzPatrick was adjudicated by the High Court as 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 of last year the duration of bankruptcy has been reduced to three years.

As a result, bankrupts such as Mr FitzPatrick are entitled to an automatic discharge from bankruptcy once the official assignee is satisfied they have fully co-operated with the process.

It has been learned that Mr FitzPatrick will exit the bankruptcy process in June.  

When Mr FitzPatricks bankruptcy was briefly mentioned before the High Court today, Mr Justice Brian McGovern granted orders allowing €1,605,667 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 of the estate. 

The application for the payment out was made by the court appointed official in charge of Mr FitzPatrick's bankruptcy, official assignee Mr Chris Lehane.

Mr FitzPatrick, 65, who has 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 Britain, 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, Revenue claimed it was owed more than €3m from him.  

Part of that demand by Revenue was appealed by the businessman.