Anglo Irish Bank secures cost order against David Drumm's wife
Anglo Irish Bank has secured costs from Lorraine Drumm, the wife of it's former chief executive David Drumm. The costs arose from proceedings against her in relation to the transfer of the Drumm's former family home in Dublin, into her sole ownership.
Mr Drumm filed for bankruptcy in the Boston last month but Anglo Irish Bank claim that their former employee owes $11million (€8.5 million) in unpaid loans.
Mr Justice Peter Kelly made the cost orders at the Commercial court in Dublin regarding the application of Paul Sreenan for Anglo, with the consent of Gary McCarthy who represents Mrs Drumm, who currently resides in the U.S. with her husband.
Mr Sreenan asked for the continuation of an injunction for an additional two weeks which would prevent Mr Drumm from certain dealings relating to the family home in Dublin. The judge granted the injunction.
In their proceedings against David and Lorraine Drumm, Anglo claim that the May 2009 transfer of ownership of their home was a “fraud on creditors”, while the couple insisted it was for “taxation reasons”.
Plans for the re-transfer of the property cannot yet be made because Mr Drumm's action in filing for bankruptcy in the U.S. is completed.
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