Former Bank Boss Close to Bankruptcy

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Former chairman of Anglo Irish Bank, Sean FitzPatrick is set to be declared a bankrupt by the court when it blocked his attempt to agree on settlement terms with his creditors. In a meeting with his creditors in his Dublin office, FitzPatrick apologized to them saying that the financial crisis had left him in severe difficulty as almost his entire net worth consisting mainly of shares in Anglo, AIB and the Bank of Ireland had been wiped out. At the meeting also, FitzPatrick gave details of a proposed arrangement which would give him time to repay creditors some of their debts as his assets are sold in order over a period of time. He also apparently offered his family home and half of his pension as part of the settlement proposal but his creditors were not interested.

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