FORMER MINISTER Ivan Yates was the subject of a court hearing on Friday when A.I.B. Bank took him to the bankruptcy court in Dublin over a claimed €3.6 million debt owed by his company Celtic Bookmakers.
Mr. Yates, who was not in court, suggested that the bankers of today could not be trusted to calculate debts and were responsible for the wider economic problems in Ireland. He accused AIB of overcharging him while he was their customer and also said that they did not serve him with the correct paperwork.
He was described on Friday, by his barrister Brian Conroy, as a “man of good character.” Mr. Conroy added that A.I.B. had failed to specify who in the bank was responsible for certifying Mr. Yates’ alleged debts.
He added that his client was disagreeing with the amount of debt the bank said he owed, saying that if there was an overstatement of the amount due then the summons should be dismissed. He argued that the summons had not been served adequately and had to be dismissed. Judge Elizabeth Dunne said she would give her ruling on the objections to the bank’s case before the end of the month.
The court heard that Mr. Yates was served a summons on June 6, specifying a debt of €3.6 million owed by his company Celtic Bookmakers. But Mr. Yates says the bank served the wrong paperwork.
If declared bankrupt inIreland, Mr. Yates would not be allowed to act as a company manager or director for up to twelve years. He has been toying with the idea of a move toWaleswhere the UK bankruptcy laws could see him back in a business environment in just one year.