Monday 29 December 2014

Sean Dunne bankruptcy hearing adjourned

Dearbhail Mc Donald Legal Editor

Published 01/07/2013 | 12:16

Sean Dunne
Sean Dunne

DEVELOPER Sean Dunne's Irish bankruptcy case has been adjourned for three weeks by the High Court sitting in Dublin.

Last month an American court-appointed trustee, managing Mr Dunne's US bankruptcy, supported an application by Ulster Bank - which has an €164m judgment against Mr Dunne - to make him bankrupt in parallel proceedings in Ireland.  

Granting the parallel order, bankruptcy lawyer Richard Coan ruled last month that parallel proceedings would benefit Mr Dunne's creditors because the vast majority of his properties are located in Ireland.

This morning (Mon) High Court judge Ms Justice Elizabeth Dunne adjourned the parallel Irish case for three weeks.

Judge Dunne heard that in order to formally serve the Irish bankruptcy proceedings on Mr Dunne, a stay (postponement) needs to be lifted on the US order which has been stayed pending an appeal by Mr Dunne.

A ruling in that appeal is imminent and the Irish action will come before Judge Dunne on July 22.

Mr Dunne had filed for bankruptcy in the US, saying he had debts of $1bn and assets of only $55m.

But Ulster Bank and the National Asset Management Agency (NAMA) want him to be made bankrupt in Ireland.

The lender and toxic loans agency have argued that virtually all of the developer's assets and creditors are in Ireland and have claimed that the Carlow born builder only has $976 to his name in the US.

The case is ultimately expected to be negotiated between Ireland and the US.

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