Fitzpatrick's wife included in list of bankruptcy creditors

Fitzpatrick's wife included in list of bankruptcy creditors

A court official was given the go-ahead today to divide up the assets of bankrupt former Anglo-Irish chief Sean Fitzpatrick.

The disgraced ex-bank boss looked relaxed as the High Court passed an order to allow an official to proceed with the action.

Mr Fitzpatrick, who was declared bankrupt in July, owes State-owned Anglo about €110m.

His assets include his share of his family home in Greystones, Co Wicklow, his pension, his car and shares in various foreign properties.

Barristers for the official, Chris Lehane, told a judge that Mr Fitzpatrick was co-operating and that he was consenting to the case going ahead.

Anglo Irish Bank revealed earlier that it was not proceeding with a motion to have a trustee, an insolvency practitioner, appointed in place of Mr Lehane to realise Mr Fitzpatrick estate.

No application was made for costs.

Ms Justice Elizabeth Dunne said: “I’m making an order passing the statutory sitting this morning.”

Dressed in a grey suit, Mr FitzPatrick slipped into court five in Dublin's Four Courts early for the brief hearing.

He made no comment when asked if he had any regrets or worries as he left through a rear exit into a waiting Jaguar.

Earlier, Mr Fitzpatrick's barrister, Mark Sanfey, Senior Counsel, told the High Court his client had submitted his statement of affairs for the setting of a statutory sitting passing.

Ken Bredin BL, for the official assigned to oversee the asset disposal, replied: “Mr Fitzpatrick is co-operating and we are consenting to it.”

Mr Lehane will now realise the assets and try to recover as much as possible for creditors, who also include his wife Catriona, Allied Irish Bank, Bank of Scotland (Ireland) and Friends First.

Mr Fitzpatrick resigned from Anglo in December 2008 amid a storm over directors' loans.

The ex-banker is also at the centre of a massive fraud and corporate mismanagement investigation by the Gardaí and watchdog Paul Appleby, the director of Corporate Enforcement.

Mr Fitzpatrick was arrested in March and questioned about a so-called bed and breakfast transfer of €7.45bn in deposits between Irish Life & Permanent and Anglo in 2008.

The scheme was allegedly devised to effectively conceal the crumbling state of the bank’s books. No charges have been brought.

The nationalisation of Anglo Irish is ultimately expected to cost the state more than €20bn.

The bank – Mr Fitzpatrick's largest creditor – had planned to have a trustee appointed in place of the official assignee, giving it greater control over the bankruptcy process and his estate.

But it is understood Anglo did not have enough backing by other creditors.

Paul Gardiner, senior counsel for Anglo, told the court it was no longer proceeding with the motion and asked for it to be struck out.


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