Dunne faces bankruptcy here after US ruling

A US court has cleared the way for Ulster Bank to continue bankruptcy proceedings against property developer Sean Dunne in Ireland.

In a move supported by lawyers acting on behalf of Nama and a Connecticut court-appointed trustee managing the US bankruptcy of Dunne, the granting of the motion will frustrate the so-called Baron of Ballsbridge whose attempts to file for bankruptcy in the US was described by the bank as a “blatant attempt” to frustrate the laws of the Irish courts by using his “tenuous” connection to the US.

Nama and Ulster Bank are the most significant creditors and are each owed more than €250m while the extent of his personal US assets are valued at just over $900, according to testimony at yesterday’s hearing.

On Monday, the trustee Richard Coan said Dunne failed to produce documents required by law and had failed to provide details of any payments he received in the 60 days before he filed for bankruptcy here.

The granting of the motion allowed for limited relief from the automatic stay to permit Ulster to take all actions necessary to perfect service upon Dunne and to obtain an order adjudicating him bankrupt.

It also called for the appointment of “an Irish estate representative” and negotiations to decide how to proceed with the bankruptcy to suit US and Irish courts.