Former Anglo chairman to exit bankruptcy next month

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 nearly €47m.

At the time of the adjudication, he would have expected to remain a bankrupt for 12 years.

However, under insolvency laws introduced in December last year, the duration of bankruptcy has been reduced to three years.

As a result, bankrupts such as Mr FitzPatrick can emerge from bankruptcy once the official assignee is satisfied they have fully co-operated with the process.

Mr FitzPatrick will exit the process next month.

Yesterday, when Mr FitzPatrick’s bankruptcy was briefly mentioned before the High Court, Mr Justice Brian McGovern granted orders allowing over €1.6m 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 was made by the court-appointed official in charge of Mr FitzPatrick’s bankruptcy, Chris Lehane.

Mr FitzPatrick, aged 65, of 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; a house in Bray; and apartments in Marbella, Spain; at Smithfield Market, Dublin; and Killiney Court, Dublin.

He also listed property assets in the UK, France, Hungary, South Africa, and the US.

The statement revealed further assets including his interests in Nigerian oil and gas firm Ekeh and with Quinlan Property. He also held a number of investment portfolios 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.