Lorraine Drumm, the wife of former Anglo Irish Bank CEO David Drumm, will not be allowed to transfer to her husband her half of their former home in Malahide, Co Dublin, after Anglo Irish Bank got an injunction to prevent such a move.
Anglo Irish said they believe any such move would be an attempt to put the properties out of reach of Anglo following Drumm’s decision to declare bankruptcy last Thursday. Anglo has an action against Drumm related to over €8 million of unpaid loans. Mrs Drumm’s solicitors dispute Anglo’s claim, saying the transfer was supposed go towards settling a case Anglo has against the couple, based on the original transfer of the share of the house from Drumm to his wife.
Anglo claimed this original transfer was a fraud on creditors. The bankruptcy declaration would mean Drumm divested all of his assets worldwide and vested them in the Trustee in Bankruptcy in the US. But Justice Peter Kelly, in the Irish Commerical Court, said that Mr Drumm’s declaration of bankruptcy last Thursday in Massachusetts would not disrupt Anglo’s action.
Mrs Drumm will appear in court next Tuesday in a hearing over the unpaid loans and will attend another hearing directly afterwards about the Malahide property.
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