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Saturday 23 August 2014

David Drumm's bankruptcy hearing begins in Boston

Donal O'Donovan

Published 21/05/2014 | 15:21

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FORMER Anglo Irish bank chief executive David Drumm's five day bankruptcy hearing has begun at the David W McCormack Federal court house in Boston's financial district.

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This morning Mr Drumm kissed his wife Lorriane as she dropped him off outside the high security Federal court house in a black Jeep Grand Cherokee.

The case is to decide whether the former bank boss can emerge debt free from a Chapter 7 bankruptcy he filed for in 2010 after the couple had moved to the US.

Bankruptcy trustee Kathleen Dwyer and IBRC which is owed €8.5m have objected to Mr Drumm being discharged.

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

But lawyers for Mr Drumm say cash transfers between the couple were to pay normal family bills, including taxes in Ireland, and that only transactions in the twelve months before he sought bankruptcy are under the spotlight.

The case continues

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