Transfer of Drumm home to wife overturned

A HIGH Court judge has made formal orders overturning the controversial transfer by former Anglo Irish Bank chief executive David Drumm of his half share of his former family home at Malahide, Co Dublin, into the sole ownership of his wife.

In proceedings against Mr Drumm and his wife Lorraine, Anglo sought to overturn the May 2009 transfer of ownership of the property at Abington, Malahide, arguing it was a fraud on creditors while the Drumms insisted it was for taxation reasons.

After several court hearings, Ms Drumm last month gave an irrevocable consent to the transfer being quashed and the property reverting into the joint ownership of the couple, meaning applications could be made to have Mr Drumm’s share of the property realised for the benefit of his creditors. The property has been valued at €1.2 million.