David Drumm fails in US bankruptcy plea

David Drumm fails in US bankruptcy plea

David Drumm, the former chief executive of Anglo Irish Bank, has failed in his bid to be declared bankrupt, with a US judge calling parts of his testimony "outright lies". 

"Drumm’s statements to this Court were replete with knowingly false statements, failures to disclose, efforts to misdirect, and outright lies," wrote Judge Frank S Bailey in a judgement issued overnight.

"Such conduct disqualifies a debtor from the privilege of a discharge in our system of bankruptcy."

The case had been taken by the Irish Bank Resolution Corporation - formerly Anglo - which is Drumm's largest creditor, with debts of around €9m ($11m).

The case's conclusion comes seven months after the bankruptcy trial began in a Boston court.

Running to 122 pages, the court considered 52 individual items including that IBRC alleged were "knowingly and fraudulently omitted" from his statement of financial affairs, made under oath.


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