Former Anglo Irish Bank chairman, Sean FitzPatrick was declared bankrupted by the Irish High Court. This comes just days after the bank ensured the collapse of the settlement deal he had with creditors.
His creditors are owed over $189 million. Fitzpatrick’s assets are thought to be worth $62.9 million which includes $57.5 million in investments and $1.54 in accounts in various banks.
He owns six properties two houses in Greystones, County Wicklow, one in Bray, apartments in Marbella, another in Smithfield Market, Dublin and Killiney Court, Dublin. He is also appealing some $2.51 million in tax liabilities.
It has emerged that Sean FitzPatrick is down to his last $6,894 in cash. He also drives a Volkswagen Passat worth about $18,800.
Anglo Irish Bank says that it is owed $188.9 million by FitzPatrick making them their largest creditor. Their attorney Paul Gardiner said today that they do not believe that they would have done better had they accepted FitzPatrick’s proposed deal. The bank has the burden of 85 percent of FitzPatricks’s debt.
The hearing on Monday took only 12 minutes. He was the first of 20 bankruptcy cases dealt with in the court.
FitzPatrick did not attend. He is now banned from being the a company director or manager. Also he will not be able to borrow more than $820 without disclosing that he is bankrupt. He will have to wait for 12 years or until his debts are paid off to be discharged from the state of bankruptcy.