Donal O’Donovan: What Irish ‘bankruptcy’ means for bust developer Sean Dunne
Sean Dunne is likely to be one of the first Irish “bankrupts” to go through the new shorter version of what is still a very onerous insolvency process.
Even after their court victory in having the one-time “Baron of Ballsbridge” declared bankrupt, Ulster Bank and NAMA face an uphill task recovering the money they are owed, however.
The really big assets in Dunne’s former property empire have already been taken over by NAMA, Ulster Bank and the other lenders that fuelled his property splurge and are being managed by receivers. They include the former Jurys and Berkeley Court hotel sites in Ballsbridge for which he paid €369m at the height of the boom and part of AIB's headquarters in the same area that cost him €200m.