Tuesday 6 December 2016

Anglo seeks more time to check Drumm papers

Shane Phelan Investigative Correspondent

Published 09/03/2011 | 05:00

CREDITORS of disgraced former Anglo Irish Bank boss David Drumm are expected to get an extra six weeks to lodge objections to his bankruptcy petition.

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The US official handling Mr Drumm's case requested the deadline extension yesterday.

The move is to facilitate lawyers for Anglo, who are seeking extra time to scrutinise documents and ask questions of the former chief executive about his actions while at the bank's helm.

Lawyers for the bank have indicated Anglo's new management intends to sue Mr Drumm for deception and misconduct over certain actions and decisions he took between 2005 and 2008.

The former chief executive, who moved to the US shortly before the bank was nationalised, filed for bankruptcy last October after failing to reach agreement with Anglo over the repayment of €8m in loans

Anglo has until March 18 to object, but the extension sought would bring the deadline to May 3.

In court papers, bankruptcy trustee Kathleen Dwyer said the bank would need "adequate opportunity" to scrutinise documents produced by Mr Drumm.

These are thought to include a confidential report by the Chartered Accountants Regulatory Board.

Irish Independent

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