Bankrupt Simon Stokes’ assets pass to official assignee’s control

BANKRUPT businessman Simon Stokes appeared briefly in person in the High Court today as part of his official bankruptcy process.

Less than 20 seconds after Mr Stokes’ name was called, Ms Justice Caroline Costello said she was passing what is known as the “statutory sitting” phase of his bankruptcy. Mr Stokes raised his hand to indicate his presence and as soon as the judge said she was passing the statutory sitting, he left.

A statutory sitting marks the point in the process where the court appointed bankruptcy officer, called the official assignee, formally owns the bankrupt’s assets and and administers his estate.

Mr Stokes was one of 11 people, most of whom represented themselves, who made similar brief appearances.

Last week, his estranged wife Conach was in court when the scheduled statutory sitting was due to take place to say she and her parents wanted to be added to his list of creditors.

She told the judge she also wanted the court to know about “the situation” and how he had left his three children. He had just come back from a holiday abroad, she said.

The judge explained to her the normal procedure for anyone wishing to be added to the list of creditors was to inform the official assignee. Following an application from Mr Stokes’ counsel, the judge adjourned the matter for a week.

The judge also last week passed passed the statutory sitting for Simon’s twin brother Christian, who is also bankrupt.

The identical twins ran the famous Bang restaurant in Dublin.

The Stokes family was also behind the well-known Unicorn restaurant, while the brothers operated the exclusive Residence club on St Stephen's Green and other venues which failed during the economic downturn.

In 2014, Christian and Simon Stokes, as well as their parents Jeffrey and Pia, consented to a€14.7 million judgment being entered against them arising from various loans and guarantees.