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Niall Carson/PA Archive
Courts

Court blocks Drumm's wife from transferring property to husband

Anglo Irish Bank is granted an injunction stopping the wife of its former CEO David Drumm from ‘sharing’ their property.

THE COMMERCIAL COURT has granted an injunction to Anglo Irish Bank against the wife of its former CEO, David Drumm, stopping her from transferring property held in her name in Dublin into the joint ownership of herself and her husband.

Anglov was to take Drumm and his wife Lorraine to court next week in complaint about the couple transferring a house they owned in Malahide into the sole ownership of the wife, but that action cannot go ahead after Drumm filed for Chapter 7 bankruptcy in the US last week.

Under American bankruptcy law, however, any asset a person becomes an owner of after they file for bankruptcy cannot be repossessed for the purposes of the proceedings.

In this light, Anglo told the court that it feared Lorraine Drumm was planning on transferring the house into part-ownership, a move which would mean her husband could retain part-ownership of the property despite his bankruptcy proceedings itn he United States.

RTÉ reports that Anglo showed the court a letter received from Lorraine Drumm’s legal representatives in which she told the bank she wanted a half-share of the Malahide house transferred back into her husband’s name, in order to settle proceedings in relation to the house.

Justice Peter Kelly granted the injunction, and arranged next Tuesday as a date where the Trustee for Bankruptcy appointed to manage Drumm’s estate could travel to Ireland and give the court her opinion on Drumm’s Irish legal affairs.