Bankrupt FitzPatrick faces legal restrictions

Sean FitzPatrick, once a poster boy for the Celtic Tiger boom years, will have to reveal he is bankrupt if he wants a loan of €650 or more, after a court ruling.

It will also be an offence for the former Anglo Irish Bank boss to act as a company director or manager.

After being officially declared a bankrupt by Dublin’s High Court, Mr FitzPatrick must publish a notice of his status in one national and one local newspaper.

The High Court may take control of the ex-banker’s pension, while all property falls into the hands of the Official Assignee, a court official who can sell it off and distribute the proceeds among creditors.

The Official Assignee may not sell the luxury family home in Greystones, Co Wicklow, without the permission of the court, which can postpone a sale in the interests of Mr FitzPatrick’s spouse or children.

Mr FitzPatrick will not be barred from travelling outside the country, but he can be arrested if it appears he is leaving the state to avoid the consequences of being a bankrupt.

The ex-Anglo chief executive and chairman will remain bankrupt until he is discharged by the High Court.

This can’t happen unless there are enough funds to pay the costs of the Official Assignee, High Court fees and his preferential debts.

Mr FitzPatrick can be discharged under a number of headings, including if his debts are paid in full or if his creditors consent to it.

He can also be discharged when the bankruptcy lasts 12 years and all of his property has been fully sold or disposed of.