Wednesday 17 January 2018

Orders help clear way for Drumm house sale

Tim Healy

THE High Court has made formal orders expected to help clear the way for the sale of former Anglo Irish Bank CEO David Drumm's former home in Ireland by the US official administering his bankruptcy.

Ms Justice Elizabeth Dunne made the orders yesterday arising from her decision last week that the Irish courts will assist the US trustee, Kathleen P Dwyer, in that bankruptcy.

The judge made an order that Mr Drumm's interest in his former family home at Abington, Malahide, Dublin, said to have a value of €1.2m, is vested in the trustee.

The judge also ordered a vesting certificate to be lodged with the Properties Registration Office.

Mr Justice Peter Kelly will deal at the Commercial Court today with proceedings related to the Malahide property and also with an action in which Anglo is seeking orders requiring that Mr Drumm repay loans of some €8m.

The US trustee may indicate whether she intends to prosecute Mr Drumm's counter-claim to Anglo's proceedings in which he is seeking some €2.6m in salary, pension and deferred bonus payments and damages.

Those proceedings will be mentioned today, as well as the separate action by the bank against Mr Drumm and his wife Lorraine over his disputed transfer of the Abington property into Mrs Drumm's sole ownership.

Irish Independent

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