Courts

Friday 1 August 2014

David Drumm admits making ‘lots of errors’ in documents for his US bankruptcy hearing

Donal O'Donovan

Published 22/05/2014|15:26

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Former Anglo Irish Bank chief David Drumm kisses his wife Lorraine outside court in Boston today. (Photo by Bizuayehu Tesfaye/ Irish Independent)
Former Anglo Irish Bank chief David Drumm kisses his wife Lorraine outside court in Boston today. (Photo by Bizuayehu Tesfaye/ Irish Independent)
Former Anglo Irish Bank chief David Drumm and his wife Lorraine outside court in Boston today. (Photo by Bizuayehu Tesfaye/ Irish Independent)
Former Anglo Irish Bank chief David Drumm and his wife Lorraine outside court in Boston today. (Photo by Bizuayehu Tesfaye/ Irish Independent)
Former Anglo Irish Bank chief David Drumm arrives at the US Bankruptcy Courthouse in Boston. (Photo by Bizuayehu Tesfaye/ Irish Independent)
Former Anglo Irish Bank chief David Drumm arrives at the US Bankruptcy Courthouse in Boston. (Photo by Bizuayehu Tesfaye/ Irish Independent)

FORMER Anglo Irish Bank boss David Drumm has admitted there were a lot of errors in court papers he filed for his bankruptcy hearing in the US.

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The ex-bank boss is being quizzed by lawyer John Hutchinson, for IBRC, on the second day of giving evidence

He was asked today about the origins of documents provided by Mr Drumm to the US official managing his Chapter 7 bankruptcy process.

"There were a lot of errors," in papers he filed during the process, Mr Drumm told the court today.

Yesterday was the first day of Mr Drumm's five-day bankruptcy hearing at the David W McCormack Federal court house in Boston's financial district.

Under cross examination from Mr Hutchinson, Mr Drumm agreed that papers he filed in April 2011 as part of the process were not "accurate and complete".

The non-jury case is to decide whether the former bank boss can emerge debt-free from the Chapter Seven bankruptcy he filed for in 2010, after he moved to the US.

If that is blocked, he remains on the hook for his debts.

This morning Mr Drumm kissed his wife Lorraine as she dropped him off outside the high security Federal court house. He is the first witness called in the case, where he is being questioned in detail about two documents he filed after applying for bankruptcy known as a  Statement of Financial Affairs (SOFA) 10, and a Schedule of Assets.

Mr Drumm accepted that there were omissions on the statement of financial affairs originally filed with the bankruptcy court.

Bankruptcy trustee Kathleen Dwyer and IBRC - which is Mr Drumm's biggest creditor in the case - have objected to Mr Drumm being discharged from bankruptcy.

They claim transfers of cash and other property from Mr Drumm to his wife, and errors they say were contained in documents provided by Mr Drumm as part of the bankruptcy, make him ineligible to be released from his debts.

Mr Drumm told the court that he was aware that any failure in filling out his bankruptcy papers could lead to civil or criminal action.

The case continues.

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