Business World

Tuesday 26 September 2017

Dunne's worry

Developer Sean Dunne
Developer Sean Dunne

Developer Sean Dunne has told a court in the US state of Connecticut that he is worried the official assignee of his Irish bankuptcy won't abide by a US court's control over his assets.

Mr Dunne said he had been resident in the US for more than three years when he filed his US Chapter 7 bankruptcy in March 2013.

At the request of Ulster Bank the US bankruptcy judge modified a so-called automatic stay in June by allowing an Irish bankruptcy to proceed in tandem with the one underway in the US

In June, the US court allowed the Irish court to declare Mr Dunne bankrupt here and appoint an official assignee, and then go no further.

In papers filed with the US court last week Sean Dunne said the assignee doesn't believe his further activities are barred by the US court's order. Mr Dunne asked the US judge to require the trustee in the US bankruptcy to enter into a protocol with the Irish trustee to clarify the issue.

BARCLAYS PROFITS DROP

BARCLAYS posted a bigger-than-estimated drop in first-quarter profit as a decline in revenue from trading bonds, currencies and commodities cut earnings from the investment bank by 49pc.

Pre-tax profit, excluding swings in the valuation of the lender's debt, fell 5pc to £1.69bn (€2bn), missing the £1.82bn estimate of analysts provided by the bank, Barclays said.

LOGISTICS SECTOR SURGE

DEMAND for industrial space is being driven by a resurgent logistics sector, property consultants Savills Ireland claimed.

Transport and storage operators accounted for 29pc of the industrial space take-up in the first three months of the year, according to its Dublin's industrial property market report.

Dr John McCartney, director of research at Savills, said the logistics sector is fast becoming a star turn of the Irish economy. "Warehousing, storage and distribution facilities are now becoming a much more important part of the industrial property landscape," he said.

ONE51 BUYS WASTE FIRM

INVESTMENT firm One51 has bought British waste management firm Straight in a deal that values the firm at £10.7m. The Dublin-headquartered firm already operates a portfolio of businesses in waste management and recycling, together with a portfolio of specialist injection moulded plastics manufacturers. The group also has investments in renewable energies.

Irish Independent

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