Bank free to continue bankruptcy action against developer Dunne, court rules
Irish property developer Sean Dunne faces potential bankruptcy both in Ireland and the US, after a US court ruled that Ulster Bank can continue to pursue its bankruptcy action against him.
The court in Connecticut, where Dunne now lives, approved the bank's application to continue the legal proceedings against him over debts to Ulster Bank and NAMA, the Irish Times reports.
It's understood a hearing will now take place in Dublin in July to determine how the 'dual-bankruptcy' proceedings will work.
Business Editor with Newstalk 106-108FM Ian Guider said the ruling is a blow to the Carlow native, who previously filed for bankruptcy in the US in March.
"That is a bit of a problem for Sean Dunne, because of course if you are declared bankrupt in the US, you can get out of it in 12 months and carry on with the rest of your life," Mr Guider said.
"But here you face 12 years of being a bankrupt and there are lots of restrictions on what you can do."
Mr Guider said it was unlikely that Mr Dunne, who has cumulative debts of around €1bn, would take yesterday's ruling "lying down".
