Sean Dunne reveals $942m liabilities in bankruptcy file

Tuesday 07 May 2013 16.12
Sean Dunne has chosen to file for bankruptcy in the US
Sean Dunne has chosen to file for bankruptcy in the US

Irish property tycoon Sean Dunne has filed his statement of assets and liabilities under the bankruptcy laws in the United States.

Mr Dunne says he owes $942m (€718m) and only has assets of $55m (€42m).

Most of the money he owes is to private entities. Ulster Bank appears to be the biggest creditor.

He owes the bank, which is owned by the Royal Bank of Scotland, more than $370m (€282m).

The bankruptcy filing also shows that he owes NAMA in excess of $340m (€259m).

All of these debts were incurred as a result of property developments in Ireland and are only listed in dollars because Mr Dunne has chosen to file for bankruptcy in the US.

The bankruptcy filing reveals that he earns a take home salary of $8,333 (€6,352) a month from a company called Mountbrook USA.

He also gets income of $13,670 (€10,421) a month from property sources.

Mr Dunne was listed as the sole member of the Mountbrook company when it was created but his wife Gayle Killilea Dunne claimed this was a mistake and she is now the sole member.

There is no mention in the bankruptcy of the American properties that have been connected to Sean Dunne, which he has denied owning or controlling.

His bankruptcy filing is large even by American standards and is one of the most significant failures arising from the collapse of the property bubble in Ireland.