Just €1,001 for creditors after first full year of Celtic Bookmakers liquidation

There was just €1,001 left for creditors after the first full year of the liquidation of Ivan Yates’ Celtic Bookmakers business.

Alan McLean of Whiteside Cullinan was appointed as a liquidator arising from a creditors’ meeting in Mar 2012.

New documents filed with the Companies Office show that after the first year of liquidation, Mr McLean received €6,002 in receipts arising from a distribution from a subsidiary company.

However, liquidation fees of €5,000 resulted in a surplus of just €1,001.

Expectations by unsecured creditors of receiving any money from the liquidation process were low after Mr Yates told the unsecured creditors last year that there was no money to pay outstanding debts of €1.4m.

Separate documents lodged with the CRO show AIB has not received a cent from the receivership of the collapsed business in the most recent six months reported upon.

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

However, AIB had no monies transferred to it during the final six months of last year, documents show.

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

The receiver has received a total of €216,000 in fees to date.

Mr Yates, a former Fine Gael minister, became another of Ireland’s 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, he successfully had AIB’s bid to have him declared bankrupt 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.