SEÁN FITZPATRICK has just €5,500 in cash despite the vast fortunes he borrowed and invested in recent years.
He has also stated he drives a modest Volkswagen Passat worth €15,000 and has only €2.5 million worth of tangible property in the form of personally owned houses and apartments.
In a statement of affairs he supplied to the High Court, he listed his main assets as a €46m stake in property syndicates and investment funds in Ireland and internationally.
In total, his assets came to €51m and his liabilities to €148m, a shortfall of €97m. The statement shows €82m of those liabilities are ‘secured debts,’ mainly borrowings for property investments, which offer the greatest opportunity for the creditors to get some of their money back when the properties involved are sold off.
However, much will depend on still falling property values.
Another €62m is unsecured debt.
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