Dunne bankruptcy - Mortgage holders look on in envy

On Good Friday, American-based developer Sean Dunne joined a long list of people connected with property or banking to seek the comfort, the out-of-reach sanctuary, of being declared bankrupt outside of this jurisdiction.

Last year, Finance Minister Michael Noonan confirmed that 20 developers managed by Nama had secured bankruptcy rulings in Britain. It is likely that that figure has grown, and that similar rulings have been sought elsewhere. Shorn of its legal choreography, this means debts are recognised as unrecoverable and the debtor is, in time, free to resume business.

Mr Dunne may do so in America next year, older, wiser, and without a blemish on his reputation. Under our new bankruptcy laws, he might have to depend on the support of his social columnist-turned-property developer wife, Gayle Killilea, for three years.