Dunne and dusted?

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.

IN VIEW of the property developer Seán Dunne’s assets and liabilities, it should be no surprise that he is seeking the protection of bankruptcy laws in the US. However, when news broke last Sunday of his impending proceedings it caught his many creditors off-guard.

Dunne has debts of anything between €500m to €1bn. According to documents filed with a US court on Good Friday, he estimates his assets at between $1m (€780,000) and $10m.