AN APPLICATION for recognition of the US bankruptcy proceedings of former Anglo Irish Bank chief executive David Drumm was adjourned at the High Court in Dublin yesterday.
Bernard Dunleavy SC told Ms Justice Elizabeth Dunne he had been instructed by Massachusetts bankruptcy trustee Kathleen Dwyer to apply for the order. But papers he had expected to arrive from the US in time for the case had not reached him.
Mr Drumm filed for bankruptcy in Massachusetts on October 14th.
Under US law, all of Mr Drumm’s assets worldwide have been vested in Ms Dwyer and a worldwide stay has effectively been put on all legal proceedings against Mr Drumm, including action taken against him by Anglo Irish.
But the trustee is required to ask the Irish High Court bankruptcy judge to recognise the US proceedings.
Mr Dunleavy said yesterday he would provide a copy of the US papers to Ms Justice Dunne in advance of next week’s sitting of the bankruptcy court so that she would have time to read the “lengthy documents”.
The case was adjourned for a week.
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