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.