Bid to overthrow bankruptcy by Sean Dunne for hearing next month

Developer Sean Dunne's bid to overturn his bankruptcy will be heard by the High Court next month.

Mr Dunne was adjudicated bankrupt by Ms Justice Elizabeth Dunne at the High Court last July. Ulster Bank, supported by Nama, applied for the developer to be adjudicated bankrupt over a debt of €161 million regarding unpaid loans made for properties in Dublin.

The businessman, now living in Connecticut, is seeking to have the declaration of bankruptcy set aside but Ulster Bank is opposing that.

Mr Justice Daniel Herbert yesterday fixed November 7th as the date of the hearing. Bill Shipsey SC, for Mr Dunne, and Lyndon MacCann SC, for Ulster Bank, agreed the matter would take two days to hear.

The court also heard the matter will involve “issues of international law”.

Yesterday, Mr Shipsey said Mr Dunne has a concern in relation to the management of one of his properties between now and the adjudication of his application to have the bankruptcy ruling set aside.

Chris Lehane, the court appointed official whose role is to assist bankrupts, said rental income from the particular property was being paid into an escrow account pending the outcome of next month's hearing.

This step had been taken in the full knowledge of the US-based court appointed official managing Mr Dunne’s US bankruptcy, he added.