Sunday 19 January 2020

Dunne in bid to halt creditors meeting

Cormac McQuinn

Cormac McQuinn

BROKE developer Sean Dunne has made a last-minute request to a US court to re-schedule a meeting of his creditors which is due to take place today.

Mr Dunne filed for bankruptcy in Connecticut at the end of March with debts of more than €942m (€730m).

He listed more than 30 creditors in his bankruptcy filings and a meeting was due to be held in the office of the bankruptcy trustee this morning.

However, Mr Dunne's lawyer, James Berman, has filed a motion to suspend the meeting of creditors blaming an attempt by Ulster Bank to halt the builder's US bankruptcy proceedings.

Ulster Bank is one of Mr Dunne's main creditors, famously being the main backer of his 2005 purchase of the Jury's and Berkeley Court hotels for redevelopment in Dublin.

WILLING

In the court papers Mr Berman states that his client was "ready, willing, able and desirous" to attend the creditors meeting originally scheduled for the start of May.

The date of that meeting was later changed to today at the request of one of the creditors.

On May 20, lawyers for Ulster Bank sought a stay of the US case to allow their attempt to have Mr Dunne declared bankrupt in Ireland proceed instead.

Mr Berman states that "Mr Dunne intends to object to the Ulster motion" and say "he expects it to be denied".

He has asked the court to suspend the meeting of creditors until it rules on the attempt by Ulster Bank to halt the case.

Irish Independent

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