The younger brother of multi-millionaire businessman JP McManus has been declared bankrupt in the UK in a case involving 49 properties in Limerick.
Michael McManus was declared bankrupt on November 15th, 2012, with an address in Amersham, Buckinghamshire. However there has been some difficulty in tracking down his assets in Ireland as he appears to have two different dates of birth and a number of addresses when registering businesses in Ireland.
His main property interests are in student residences at Groody Student Village, close to the University of Limerick campus. Company filings show Mr McManus is still listed as the owner of Limerick Self-Catering Accommodation, which is registered in Groody Student Village.
According to documents on the Irish Land Registry, he has a leasehold on more than 30 apartments in the gated community and rental income from the accommodation qualified for tax relief under section 50 of the tax relief scheme.
It is understood that many of the properties had significant mortgages from Bank of Ireland. Grant Thornton has been appointed as the receiver in the case.
Mr McManus was also the owner of land on the Dock Road in Limerick, where a driving test centre is located. It was revealed in a question in the Oireachtas by Sinn Féin’s Mary Lou McDonald last year that Mr McManus received rent of €138,097 from the State in 2011 for the property.
The Office of Public Works has confirmed that rent of €140,000 was also paid in 2012. However the UK Insolvency Service has advised that any rental payments for Mr McManus will go directly to the receiver in the case.
Mr McManus previously ran a car-dismantling business at McManus's yard in Ballysheedy, which is now run by a former business partner, Jack Moore. Mr Moore refused to comment on the case when he was contacted by The Irish Times .
Mr McManus was also registered as a director of five dissolved companies in Ireland, including 3m Car Dismantlers, ANIG Developments, EPG Worldwide Investments, Ballybrack Furniture and building company Hanamay.
Bankruptcy in the UK, where Mr McManus has filed, lasts for one year and is more lenient than the three year term imposed in Ireland.
In order to file for bankruptcy in the UK, an individual must be able to prove significant business interests in the country. Numerous attempts to contact Mr McManus failed.
