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Former Anglo chief filed for bankruptcy in US

DAVID Drumm and his family moved to Massachusetts in Boston, USA, after he quit the failing Anglo Irish Bank in December 2008.

The former Anglo chief executive owes creditors more than €10.2m and he began a legal battle in the US to be discharged from the debt in October 2010.

Last year, his wife Lorraine Drumm was allowed keep approximately €1m from her share of the couple's assets.

As part of a bankruptcy deal agreed in the US, Mrs Drumm was to pay a settlement of almost €1m to the official managing her husband's bankruptcy.

She was then to be entitled to keep a share of the rest of their joint assets.

It was estimated that, once these assets had been sold, she would walk away with around €1m.

Mr Drumm's financial affairs are under the control of a court-appointed bankruptcy trustee.

Among the couple's assets were their home in the affluent suburb of Wellesley in Massachusetts and their €1.6m home in Malahide, Dublin.

A house in Chatham, Cape Cod, had already been sold for €1.8m.

Mr Drumm's US bankruptcy trial is likely to take place early next year.


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