Former Anglo chairman to exit bankruptcy process

Former Anglo Irish Bank chairman Seán FitzPatrick will exit the bankruptcy process early next month.

Mr FitzPatrick was adjudicated bankrupt by the High Court almost four years ago under laws which meant he could have expected to remain a bankrupt for up to 12 years.

Under new insolvency laws introduced last December, the duration of bankruptcy has been cut to three years, with the effect that bankrupts such as Mr FitzPatrick can emerge from bankruptcy once the Official Assignee is satisfied they have fully co-operated with the process. Mr FitzPatrick is to exit the process in June.

Yesterday, when his bankruptcy was briefly mentioned in the High Court, Mr Justice Brian McGovern granted orders allowing an interim payment of €1,605,667 out of the estate to the Revenue Commissioners, a preferential creditor.

The application for payment out was made by the Official Assignee, Chris Lehane. Mr FitzPatrick (65), with an address at Greystones, Co Wicklow, was not in court.

Following his adjudication, Mr FitzPatrick provided a statement of affairs in 2010 stating he had debts of €145 million, mostly owed to financial institutions, including Anglo, and assets of some €47 million.

The adjudication was made at his own request shortly after opposition from Anglo ensured the collapse of his proposed settlement deal with creditors. Several properties In his statement of affairs, Mr FitzPatrick revealed an interest in several properties, including his family home and another house in Greystones, Co Wicklow; a house in Bray, Co Wicklow; and apartments in Marbella, Spain; Smithfield Market, Dublin; and Killiney Court, Killiney.

He also listed property assets in the UK, France, Hungary, South Africa and the US. Further assets included interests in Nigerian oil and gas firm Ekeh and the Quinlan Property group. He also held a number of investment portfolios, with stockbroking firms.

The Revenue claimed it was owed more than €3 million by Mr FitzPatrick but he has disputed the extent of that demand.