Bankrupt developer John McCabe Snr and his wife Mary have appeared before the High Court as part of their official bankruptcy process.
During the brief appearance, Ms Justice Caroline Costello said she was passing the "statutory sitting" phase of the couple's bankruptcy — the point in the process where the court appointed bankruptcy officer, the official assignee, formally owns the bankrupt's assets and administers their estate.
Judge Costello also made an order under Section 85 of the Bankruptcy Act directing the couple pay the official assignee, Chris Lehane, a sum of €680 per month up to and including September 2018. The monies are to go towards the couple's creditors.
The couple, who were not legally represented during the hearing, consented to the payment order. The couple, of Rath Stud, Ashbourne, Co Meath, and their son John McCabe Junior, were previously adjudicated bankrupt by the High Court. Mr McCabe junior was not present in court on Monday due to a personal matter, however Ms Justice Costello was informed he will attend court for the statutory sitting later this month.
The couple were among 16 people, many of whom represented themselves, who made similar brief appearances before the court. More than 12 other individuals were adjudicated bankrupts. The McCabes were among about 20 other individuals who consented to payment orders being made against them. The payment orders varied from €278 per month to €2,900 for periods of between 14 to 18 months.
In previous High Court proceedings, John McCabe Snr was ordered to repay Nama amounts totalling more than €100 million arising mainly from loans to companies in his building group and guarantees. Nama also secured judgment in various sums against Mrs McCabe and the couple’s children.
The McCabes group of companies owe NAMA more than €235 million. The developer's McCabe Builders group was behind the so-called 'millionaires' row' development at Abington in Malahide, Co Dublin. The company was wound up in 2012. John McCabe Snr was also one of 10 customers of Anglo Irish Bank who each bought a stake in the bank in the so-called 'Maple 10' deal in 2008.
