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Tuesday 16 September 2014

Drumm's US trial to start in late May

John Breslin

Published 06/03/2014 | 02:30

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David Drumm, the former chief executive of Anglo Irish Bank
David Drumm, the former chief executive of Anglo Irish Bank

DAVID Drumm's long and often delayed bankruptcy trial is on, pencilled in to take place over five days in May.

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It followed a motion by the former Anglo Irish Bank chief (pictured) for a short delay to allow his lawyer prepare for his daughter's Bat Mitzvah celebration and for the trial.

Following a short hearing in the US Bankruptcy court in Boston yesterday, Judge Frank Bailey agreed to delay the trial for just two days.

Judge Bailey ordered that the trial must start on May 21, three years and seven months after Mr Drumm first filed for bankruptcy after failing to come to an agreement with his former employers over millions in unpaid loans from the bank.

Five days have been set aside for the trial.

The trial is happening because the Irish Bank Resolution Corporation and the trustee overseeing the bankruptcy objected to the discharge of Mr Drumm's debts.

They both claimed the former bank chief "fraudulently" tried to hide transfers of cash and assets.

They asked for a trial to decide whether he be allowed walk free and clear of his debts, possibly paying pennies on the dollar, or be forced to be burdened until all have been paid.

Irish Independent

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