Former Anglo Irish Bank chairman Seán FitzPatrick will be officially declared bankrupt on Monday.
FitzPatrick is seen as the ugly face of the economic crisis that has hit Ireland hard. His bank collapsed and the Irish government has pumped $20 billion to date into it to keep it solvent. Very little of that is likely to be reimbursed to the Irish taxpayer.
FitzPatrick still faces a criminal inquiry into his dealings when with the bank and could still possibly do jail time.
Despite his crash FitzPatrick has been accused of continuing to live the high life and his lifestyle has been fodder for the newspapers. Fitzpatrick has liabilities of almost $250 million and his creditors have refused to wait any longer.
Fitzpatrick had put together a solvency plan but it was rejected by his creditors leaving him with no option but bankruptcy.
At the creditors meeting, Fitzpatrick said he accepted full responsibility for “my own ruin” and expressed deep sorrow to all creditors. He also claimed he had always acted in good faith.
FitzPatrick’s lawyer advised the bankruptcy court on Friday that Fitzpatrick wanted to “pull the plug” on the process and to ask the court on Monday to be declared bankrupt.His bankruptcy petition will now be listed in the High Court bankruptcy list for Monday and all of his creditors will to be notified of the decision.
FitzPatrick had apparently offered his family home and half of his pension as part of the proposed deal with his creditors but they were not interested.
State-owned Anglo, which is owed $130 million by FitzPatrick, blocked the proposed deal.