Dunne did not co-op­er­ate, court told

The Irish Times - Business - - BUSINESS NEWS - AODHAN O’FAOLAIN

The of­fi­cial ad­min­is­ter­ing Seán Dunne’s Ir­ish bankruptcy has told the High Court the busi­ness­man did not co-op­er­ate with the process after be­ing ad­ju­di­cated bank­rupt here in 2013.

While there was some co-oper­a­tion in 2016, that was “wholly de­fi­cient” and the non-co-oper­a­tion had lead to the ap­pli­ca­tion to ex­tend the bankruptcy by five years, of­fi­cial as­signee Chris Le­hane said.

Mr Le­hane said he had not been pro­vided with the de­tail nec­es­sary for him to ad­min­is­ter the bank­rupt’s “large” es­tate.

The level of co-oper­a­tion from Mr Dunne con­trasted with that given by former An­glo Ir­ish Bank chair­man Seán Fitz­Patrick, whose es­tate was also “size­able”, after he was ad­ju­di­cated bank­rupt, Mr Le­hane said.

Ex­ten­sion

The busi­ness­man de­nies he has not co-op­er­ated with Mr Le­hane and is op­pos­ing the lat­ter’s ap­pli­ca­tion to ex­tend his bankruptcy.

Mr Dunne’s Ir­ish bankruptcy was due to ex­pire in July 2016 but con­tin­ues pend­ing the out­come of the hear­ing be­fore Ms Jus­tice Car­o­line Costello con­cern­ing whether any ex­ten­sion, which can be for a max­i­mum five years, should be granted.

Ul­ster Bank pe­ti­tioned the High Court in Fe­bru­ary 2013 to have Mr Dunne ad­ju­di­cated bank­rupt here over de­fault on some €164 mil­lion loans.

The fol­low­ing month, Mr Dunne filed for bankruptcy in Con­necti­cut, US, when he claimed to have debts of $1 bil­lion (€807 mil­lion) and as­sets of $55 mil­lion.

In 2016, Mr Le­hane ini­ti­ated the bankruptcy ex­ten­sion ap­pli­ca­tion due to Mr Dunne’s al­leged non-co­op­er­a­tion.

The hear­ing con­tin­ues to­day.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.