So far, the bankruptcy in Sean Dunne’s bankruptcy case has sought to subpoena three companies and individuals – Credit Suisse, People’s United Bank and an employee of the property company Bruce Shaw called Andy Smyth. Today, the trustee, Richard Coan has made a fourth application for a subpoena and this latest application is seeking to have NAMA questioned on 28th May 2013 about matters relating to Sean Dunne’s bankruptcy.
You may have gotten the impression that NAMA was Sean Dunne’s sole creditor, but in fact Ulster Bank rivals NAMA for title of biggest creditor and the bankruptcy trustee has a duty to all of the creditors. The trustee is seeking to question NAMA under a provision of the US bankruptcy code known as a Rule 2004 Examination which allows the trustee to question NAMA under oath and seek documentation.
The justification for subpoenaing NAMA is given by the bankruptcy trustee in the following terms
“the National Asset management Agency has information relevant to the assets of the Debtor and/or transfers made by the debtor. The National Asset Management Agency may have other information relevant to the administration of the bankruptcy estate of Sean Dunne.”
Sean Dunne’s creditors meeting has been postponed to 29th May 2013, so it would seem that NAMA can kill two birds with the one (airline ticket) stone by submitting themselves to the bankruptcy trustee on 28th May.
The full application for an order, which is likely to be approved by the judge, is here.