Creditors owed millions of euro by former Anglo Irish Bank chairman Sean FitzPatrick will decide next month whether or not to accept an offer being made by him to settle his debts.
Today the High Court decided that a private hearing of his case should proceed as planned on July 12.
Paul Gardner, Senior Counsel for Anglo Irish Bank, which is owed €110m by Mr FitzPatrick, said it was 'absolutely unimpeachable' that Mr FitzPatrick would secure the backing of 40% of creditors in number and value for the plan.
This is because the bank argues its debt makes up more than two fifths of what Mr FitzPatrick owes creditors overall, and it intends to oppose his application. This claim is being challenged by Mr FitzPatrick's legal team.
The former Anglo boss applied for, and secured, temporary court protection under the Bankruptcy Act 1988 earlier this year, which stops creditors taking legal action against him while he comes up with a proposal to rearrange and settle his debts.
