Monday 11 December 2017

Judge adjourns Dunne's Irish bankruptcy case

Dearbhail McDonald

Dearbhail McDonald

DEVELOPER Sean Dunne's Irish bankruptcy case has been adjourned for three weeks.

Last month, an American court-appointed trustee managing Mr Dunne's US bankruptcy supported an application by Ulster Bank, which has a €164m judgment against Mr Dunne, to make him bankrupt in parallel proceedings in Ireland.

The case came before the High Court in Dublin yesterday where Ms Justice Elizabeth Dunne agreed to a request by Ulster Bank to adjourn the matter to July 22 next.

Mr Dunne, who now resides in Greenwich, Connecticut, has filed for bankruptcy there, and claims to have debts of $942m (€718m) with assets of just $55.2m (€42.1m).

However, Ulster Bank and NAMA have applied to have him adjudicated bankrupt by the Irish courts.

The American court-appointed trustee managing Mr Dunne's US bankruptcy, Richard Coan, ruled that parallel proceedings would benefit Mr Dunne's creditors because the vast majority of his properties were in Ireland. Mr Dunne has appealed that ruling.

Irish Independent

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