Bust developer Sean Dunne served with Irish bankruptcy petition in US
DEVELOPER Sean Dunne has finally been served with an Irish bankruptcy petition, but it is not clear if he will contest the move to bankrupt him here, the High Court has heard.
Mr Dunne was served through his US Attorney's office and papers were also served at a place where he is believed to be living in America.
Mr Dunne's bankruptcy case has been adjourned for a week by the High Court sitting in Dublin.
Last June an American court appointed trustee managing Mr Dunne's US bankruptcy supported an application by Ulster Bank - which has an Eur 164m judgment against Mr Dunne - to make him bankrupt in parallel proceedings in Ireland.
Granting the parallel order, bankruptcy lawyer Richard Coan ruled last June that parallel proceedings would benefit Mr Dunne's creditors because the vast majority of his properties are located in Ireland.
Earlier this month Judge Dunne heard that in order to formally serve the Irish bankruptcy proceedings on Mr Dunne, a stay (postponement) needs to be lifted on the US order which has been stayed pending an appeal by Mr Dunne.
Mr Dunne subsequently lost that appeal, lifting the moratorium or stay, paving the way for the parallel actions.
Mr Dunne had filed for bankruptcy in the US, saying he had debts of $1bn and assets of only $55m.
But Ulster Bank and the National Asset Management Agency (NAMA) want him to be made bankrupt in Ireland.
The lender and toxic loans agency have argued that virtually all of the developer's assets and creditors are in Ireland and have claimed that the Carlow born builder only has $976 to his name in the US.
The case is ultimately expected to be negotiated between Ireland and the US.