Anglo successfully contested Sean Quinn’s bankruptcy in Belfast and subsequently Sean was bankrupted in Dublin. Bank of Ireland successfully contested Brian O’Donnell’s bankruptcy in the UK, and it remains to be seen what happens now in Ireland. On the other hand, although Anglo kicked up a stink about David Drumm’s Massachussets bankruptcy, that was not overturned in Massachussets on jurisdiction grounds though it remains mired in legal battle with uncertainty over David’s eventual discharge.
It looks like there is going to be a battle royale over Sean Dunne’s bankruptcy with Ulster Bank – RTE and the Irish Times and the Irish Independent report on the proceedings – this morning signaling it wanted to serve Sean at an Irish address after what the Irish Times reports as “difficulties” in serving the bankruptcy papers on Sean in Connecticut; remember last week, the Sunday Independent’s Ronald Quinlan claimed that Ulster Bank had a man on the ground in the US for six weeks attempting to serve Sean with the bankruptcy papers, before Sean himself filed for bankruptcy on Good Friday.
It is unclear what exactly transpired this morning. It seems that the matter – which was signaled in press reporting but wasn’t shown on the daily list for the courts today – has been adjourned for a week by Ms Judge Elizabeth Dunne, the no-nonsense judge who sent the Quinns to jail for contempt last year. It seems that a full bankruptcy hearing will be heard at the end of May 2013 when the Judge will be asked to adjudge Sean bankrupt in Ireland.
It seems that Ulster Bank is claiming or is going to claim that Sean’s centre of main interest is in Ireland and not in the US, and Ulster Bank this morning said that Sean was only living in the US on a temporary visa. It is believed Sean will vigorously contest any attempt to prevent his US bankruptcy from proceeding and will deny claims that his centre of main interest is in Ireland.
NAMA Wine Lake 
This is getting to be downright vengeful. They aren’t going to get anymore or less.
It could be spite, but the fact is that Irish bankruptcy as it stands is a living death, and it’s only going to get marginally better, if at all, once Shatter finally commences the curate’s egg that is the Personal Insolvency Act. If a debtor is holding back on funds or assets, it remains a pretty powerful threat for a creditor to employ to shake something loose.
I started out with a little guarded optimism about the PIA, but it’s going to be an unworkable mess, with the insolvency “judges” being little more than cats’ paws of Finance and its pet zombie banks.
Yes, and hopefully Henrietta St is pulling the wings off it as we speak. It is pure nuts to persist with a draconian system when with utter ease people can move between jurisdictions. The frame within which they are operating has estate inheritance at it core still. And while that holds. We will continue exporting 70% of the Leaving Cert cohort.
Why cannot they see the banks were operating under a system of NO RISK. And if no risk then everyone will continue with safe investments.
Absolutly nuts not to have 12 month bankruptcy. The other advantage of this is in the uk the number of individual volentary arrangements which now take place as creditors know that the borrower can easily file for bankruptcy. An IVA allows an individual to get a haircut. Ireland needs a lot of haircuts, for both normal individuals and large developers
Do not understand why this is not more of a political issue