Drumm to appeal US bankruptcy ruling

Former Anglo Irish Bank chief executive David Drumm is appealing the decision of a US bankruptcy court not to grant him a discharge from his debts.

In a 122-page judgement last week, Judge Frank Bailey refused to declare Mr Drumm bankrupt, which would have allowed him to walk away from his debts.

Mr Drumm owes more than €10m, most of it to his former employer Anglo Irish Bank, now the Irish Bank Resolution Corporation.

In legal documents filed late last night, lawyers for Mr Drumm said that he was availing of his right to appeal the decision.

He also intends to appeal the decision to the US District Court, rather than using the three-judge bankruptcy appeal court known as a Bankruptcy Appellate Panel.

The IBRC and the court-appointed bankruptcy trustee had objected to Mr Drumm's right to the protection of bankruptcy, claiming that he had attempted to put assets beyond the reach of creditors and had done so knowingly and fraudulently.

Their objections centred on the transfer of €1.2m in cash and the proceeds from the sale of property interests and cars from Mr Drumm to his wife Lorraine, beginning in September 2008.

Last week, Judge Bailey upheld 30 of their 52 objections, saying that he found Mr Drumm "not remotely credible" and found that he had transferred assets to his wife "knowingly and with fraudulent intent".

In his written decision, the judge said that Mr Drumm's statements to the court had contained "false statements" and "outright lies".

He said the transfers to Ms Drumm had been motivated "first and foremost by the desire to shelter their assets".

According to US law, Mr Drumm must provide a statement of the issues that he is appealing to the court in the next ten days.

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