Ex-Anglo boss bows to inevitable

FORMER Anglo Irish Bank chairman Seán FitzPatrick was declared a bankrupt by the High Court yesterday at his own request, just days after opposition from Anglo ensured the collapse of his proposed settlement deal with creditors.

The official assignee in bankruptcy, Chris Lehane, will now deal with Mr FitzPatrick’s creditors, who are owed €150 million. His assets are estimated to be worth €50m, including investments of €45.7m, and €1.23m in accounts in various financial institutions.

He is the joint owner of six properties, including his family home and another house in Greystones, Co Wicklow; a house in Bray, Co Wicklow; and apartments in Marbella, Spain, at Smithfield Market, Dublin, and Killiney Court, Killiney. Only the Marbella apartment is not subject to a mortgage.