Developer Sean Dunne was yesterday declared bankrupt by the High Court.

Nama has filed an objection to the discharge of Sean Dunne’s debts, claiming the developer made numerous false statements in both his filings to a US bankruptcy court and at a creditors’ meeting held last month.

DEVELOPERS have had a raw deal. Anybody who built something big during the bubble has been cast as reckless and greedy. It’s not a fair portrayal: many of them got caught up in the madness, carried on a wave that promised to deliver eternal prosperity.

US bankruptcy laws give people a second chance but Nama and Ulster Bank will keep a close eye on Seán Dunne’s proceedings, says business correspondent John Walsh.

Lawyers for Sean Dunne and his wife, Gayle Killilea-Dunne, failed in their bid yesterday to prevent Nama’s legal team from adding an expert attorney on fraudulent transfers during a hearing at Stamford Superior Court.

The High Court has approved the serving of bankruptcy proceedings on developer Sean Dunne at his next Court appearance in the US.