Anglo to seek replacement of Drumm trustee

Anglo Irish Bank is to apply to a Boston court to replace the trustee put in charge of fomer chief executive David Drumm’s worldwide assets.

The nationalised lender is chasing its former CEO for a debt of €8m, but Drumm’s filing for bankruptcy in the US last month has complicated matters.

Drumm is due in court in Boston today to face his creditors weeks after he filed for bankruptcy in Massachusetts.

His worldwide assets have all been vested in US trustee Kathleen Dwyer who has asked the Irish courts to recognise the US proceedings.

In a bid to secure its interests Anglo will today apply to the court in Boston for Dwyer to be replaced with a nominee of its own.

The Commercial Court proceedings have been put on hold to await the outcome of this latest move but the bank says it is keen to keep the pressure on Drumm.