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.