Former Anglo chairman Seán Fitzpatrick: having declared himself bankrupt, he now faces a disciplinary inquiry by the Chartered Accountants Regulatory Board

SEÁN FitzPatrick, the disgraced former chairman of Anglo Irish Bank, faces more disciplinary action by the Chartered Accountants Regulatory Board (Carb) after declaring himself bankrupt last week.


Under Carb by-laws, a bankrupt automatically faces a disciplinary inquiry. FitzPatrick is already the subject of a Carb probe into the concealment of his personal loans from Anglo investors. Former Comptroller & Auditor General John Purcell is carrying out a special investigation into FitzPatrick and other former Anglo executives for Carb, due to be finished by the end of the month.


He could be expelled or suspended by Chartered Accountants Ireland because of the bankruptcy declaration. However, it is unlikely that would affect the Purcell's investigation, or FitzPatrick's potential liability for further action arising from the former C&AG's probe. Resigning from Chartered Accountants Ireland wouldn't stop the special investigation, the by-laws state, and he could be found liable for the costs of both probes.


According to Carb's by-laws, members are "liable to disciplinary action whether or not they were members, affiliates or students at the time of the occurrence giving rise to their becoming so liable and whether or not their membership or affiliate or student status is under suspension at such time".


FitzPatrick is also under investigation by gardaí and the Office of the Director of Corporate Enforcement.


FitzPatrick was declared bankrupt at the High Court at his own request last week after Anglo Irish, to which he owes €110m, rejected his plan for a private settlement of his debts. He has overall debts of €150m. He is due back before the High Court on 26 July.