\"Former

Former Anglo Irish Bank chief executive David Drumm

David Drumm's property safe from U.S. creditors

\"Former

Former Anglo Irish Bank chief executive David Drumm

The disgraced former Anglo Irish Bank boss David Drumm's creditors will not be able to go after his new two million dollar home in Massachusetts.

The former Anglo Irish Bank chief executive's U.S. property is being held by a trust and its ownership is still in question, as the trustee is not listed in the land registry records.

In bankruptcy court filings last month Drumm admitted he held a 50 percent interest in the Epiphany Nominee Trust, which holds the property, but the court documents do not reveal who holds the remaining half.

Drumm fled Ireland in December 2008 after his resignation as chief executive of Anglo Bank, when a loans-to-directors scandal was revealed. Irish police now want to question him as part of a fraud investigation, however to date he has refused to return to Ireland for questioning.

Drumm filed for bankruptcy with outstanding debts of around 10.26 million last month. In the meantime he and his family are living in an upscale property in Wellesley, Massachusetts.

Drumm's trust arrangement protects his home by putting his interest in the house outside the reach of his creditors.

COMMENTS

Log in with your social accounts:

Or, log in with your IrishCentral account:

Forgot your password ?

Don't have an account yet? Register now !

Join IrishCentral with your social accounts:


Already have an account ?

For Newsletter Subscribers – Draw for 1 Prize on December 31st.

Prize: Your Piece of Ireland – a Square of Land in the heart of the Glens of Antrim, Ireland

More details here (or you can buy a little piece of Ireland directly): http://bit.ly/1zew9ox

Terms & Conditions

Or, sign up for an IrishCentral account below:

By clicking above you are indicating that you have read & agree to our Terms and Privacy Policy.


Make sure we gathered the correct information from you

By clicking above you are indicating that you have read & agree to our Terms and Privacy Policy.


You already have an account on IrishCentral! Please confirm you're the owner.


Our new policy requires our users to save a first and last name. Please update your account: