Couple to pay €680 a month to creditors

Bankrupt developer John McCabe and his wife Mary were directed by a High Court judge yesterday to pay €680 a month for the next two years to pay their creditors.

The couple appeared before the High Court as part of their official bankruptcy process.

Ms Justice Caroline Costello said she was passing what is known as the “statutory sitting” phase of the couple’s bankruptcy. A statutory sitting marks the point in the process where the court appointed official assignee formally owns the bankrupt’s assets and administers his estate.

The judge also made an order under Section 85 of the Bankruptcy Act directing the couple to pay the official assignee, Chris Lehane, €680 per month up until and including September 2018. The monies are to go towards the couple’s creditors.

The couple, who were not legally represented during the hearing, consented to the payment order being made.

The McCabes of Rath Stud, Ashbourne, Co Meath, along with their son John McCabe Jr were previously adjudicated bankrupt by the High Court. John McCabe Sr was one of 10 customers of Anglo who each bought a stake in the bank in the so-called Maple 10 deal in 2008.

The couple were among 16 people, many of whom represented themselves, who made appearances before the court, while more than 12 other individuals were adjudicated as bankrupt.


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