Sean Fitzpatrick is declared bankrupt

Sync

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RTÉ News: Sean FitzPatrick is declared bankrupt

Former chairman of Anglo Irish Bank Sean FitzPatrick has been declared bankrupt by the High Court.

In a brief hearing, lawyers for Mr FitzPatrick told the court he was 'bowing to the inevitable' after he failed to get the support of Anglo Irish Bank for a private deal with his creditors.

Mr FitzPatrick's assets and debts are now under the control of the official assignee, Chris Lehane, a court appointed official under the bankruptcy legislation.
Stuck with this around his neck for the next 12 years or so.
 


Cael

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Stuck with this around his neck for the next 12 years or so.
I wouldn't mind that at all - if I had millions stashed away like Seanie has...
 

paxtime

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One can rest assured that Fitzpatrick didn't apply for bankruptcy with the intention that he and his family would be left impoverished. It's merely a diversionary tactic.
 

Asparagus

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I wouldn't mind that at all - if I had millions stashed away like Seanie has...
Theoretically he can't use it for 12 years or leave the country without permission - but he is a FFriend so he should be alright
 

myk

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Presumbly he transferred enough money to his wife or other family members for him to continue the lifestyle that he believes he deserves.
 

Cael

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Theoretically he can't use it for 12 years or leave the country without permission - but he is a FFriend so he should be alright
Yes, indeed. I dont imagine Seanie will be deprived of any sun shine holidays...
 

Verhofstadt

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Will he continue to get the free flights from Aer Lingus? They should ease the pain a little for the poor man.. God love him.. he was only doing his job.
 

Sync

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Will he continue to get the free flights from Aer Lingus? They should ease the pain a little for the poor man.. God love him.. he was only doing his job.
He'll still get the free flights, but he'll need permission to leave the country.
 

seangos

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[ame=http://www.youtube.com/watch?v=HuGIgf-ICHM&feature=related]YouTube - The Office - I declare bankruptcy! Michael Scott[/ame]
 

TheOneTruth

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Could someone explain to me the benefits, if any, to him of being declared bankrupt, very confused as to if he wants it or not.
 

DCon

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He'll still get the free flights, but he'll need permission to leave the country.
will he need permission to go to Belfast?

There is an airport up there AFAIK.
 

ellie08

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It means he'll never pay back the 100 million euro, or however much it was he 'borrowed'. It is just mind boggling what these people were up to and why oh why is FF pumping 22 bln (or is it 30 odd billion) in Anglo? It's all very suspect.
 

Biffomania

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Seanie a bankrupt, Celia Larkin forced to shut the shop! Wonder if Bertie's conscience is starting to trouble him - as in, that he's no longer in the position of being able to dispense massive dig-outs to his friends and cronies at the taxpayers expense? He could always give them free advice on how to accumulate a tidy sum of shekels on the nags, or how to host events where the guests hand over briefcases stuffed with filthy lucre, with no favours asked nor given.
 

Verhofstadt

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Do our bankruptcy laws allow any investigation into the transfer of assets into the names of other family members in the lead up to the declaration (say the last 12 to 24 months?)
 

cobalt

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Do our bankruptcy laws allow any investigation into the transfer of assets into the names of other family members in the lead up to the declaration (say the last 12 to 24 months?)
On Morning Ireland this morning they had a guy saying they could go back over the last 5 years, and were likely to focus particularly on the last 2 years. Apparently they can require the transfers to be reversed if they deem it appropriate.
 

Aindriu

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Theoretically he can't use it for 12 years or leave the country without permission - but he is a FFriend so he should be alright
He can't be a company director or secretary either.
 

Aindriu

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will he need permission to go to Belfast?

There is an airport up there AFAIK.
For country read State :mrgreen:
 

yehbut_nobut

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Seanie a bankrupt, Celia Larkin forced to shut the shop! Wonder if Bertie's conscience is starting to trouble him - as in, that he's no longer in the position of being able to dispense massive dig-outs to his friends and cronies at the taxpayers expense? He could always give them free advice on how to accumulate a tidy sum of shekels on the nags, or how to host events where the guests hand over briefcases stuffed with filthy lucre, with no favours asked nor given.
was just wondering the same thing... and if Seanie has any of these badges left?

 


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