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this ain't over

Nama and Ulster Bank block Sean Dunne's bid to dismiss bankruptcy

Showdown…

A BANKRUPTCY COURT in the US state of Connecticut has heard objections from Nama and Ulster Bank to Sean Dunne’s attempt to have his bankruptcy application dismissed.

The property developer applied last year for almost $1 billion in debt to be written off in the US, but last week reversed course.

Dunne’s lawyer James Berman asked the bankruptcy court to throw out the bankruptcy application, with the drawn-out and complex legal proceedings taking their toll on the Carlow man’s financial resources, RTE reports.

After launching his bid to have $942 million (€700 million) in debt thrown out, in March 2013, Dunne was subsequently declared bankrupt in Ireland after a case brought before the High Court by Ulster Bank, one of Dunne’s main creditors.

Yesterday, however, Judge Alan Shiff at the bankruptcy court in Hartford, Connecticut heard objections to Dunne’s bid to withdraw his bankruptcy application, from lawyers for Ulster Bank and Nama.

Furthermore, Richard Coan – the court official appointed to oversee the developer’s bankruptcy – told Shiff that he was also considering bringing proceedings against Dunne.

Coan’s lawyer, Timothy Miltenberger, told the court that Coan might launch a bid to recover some €40 million which Dunne transferred to his wife Gayle Killilea.

Judge Shiff will rule on 23 September as to whether Dunne’s case should be dismissed, or go to trail, the Irish Times reports.

Read: Sean Dunne’s bankers want to seize his Shrewsbury Road mansion>

Sean Dunne’s wife could be questioned during bankruptcy case>

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