AIB got no cash in latter 2012 from Yates receivership

AIB did not receive an additional cent from the receivership of Ivan Yates’s collapsed Celtic Bookmakers business in the last six months of 2012, new documents show.

Documents lodged with the Companies Office during the course of the receivership of the former minister’s betting business show that AIB has received a total of €1.9 million from the receivership.

Documents lodged by receiver, Neil Hughes show that AIB received €1.5m in the first six months of the receivership in 2011 and the bank received a further €400,000 during the first six months of last year.

However, a receiver extract recently lodged with the Companies Registration Office confirms that AIB had no monies transferred to it during the final six months of last year.

The receivership has realised €2.8m mainly from the sales of betting shops and fixture and fittings.

The receiver, Neil Hughes of Hughes Blake Chartered Accounts has received a total of €216,000 in fees from the receivership to date — he received no additional fees in the latest six-month period.

Ivan Yates became one of Ireland’s most high-profile bankruptcy exiles, after opting to have himself declared bankrupt under UK rules that free debtors from unpayable bills after one year.

Last year, Mr Yates was successful in having AIB’s bid to have him declared bankrupt in this jurisdiction dismissed by the High Court.

In a judgment last August, Ms Justice Elizabeth Dunne found that a bankruptcy summons issued by the bank in respect of Mr Yates, arising out of his alleged failure to satisfy a demand by AIB for payment of €3.69m, could be struck out.

The judge said Mr Yates had raised “real and substantive issues”, in respect of the amount sought by AIB.

Mr Yates was awarded the costs in the case and he is expected as scheduled to emerge from bankruptcy in August of this year.