Sean Dunne declares himself bankrupt in US

Sunday 31 March 2013 22.38
Sean Dunne files for US bankruptcy
Sean Dunne files for US bankruptcy

Developer Sean Dunne has declared himself bankrupt in the United States.

Mr Dunne, who bought and attempted to develop the Jury's site in Dublin, after paying hundreds of millions of euro for it at the height of the property bubble, filed at a Connecticut court on Friday.

Mr Dunne said in his filing at the bankruptcy court that he has assets of between a million and ten million dollars but that he owes between 500 million and a billion dollars.

Mr Dunne has been fighting a series of battles against NAMA in the civil courts in Connecticut. He owes them more than a €150m.

However, he may owe Ulster Bank and other financial much more than that.

The bankruptcy process in the US is quicker than in Ireland, and debtors who have been completely honest with the court and who have not been fraudulent, can expect a discharge from their debts in around a year.