Drumm's wife gives up Dublin home action
DAVID Drumm's wife has agreed that the controversial transfer of the couple's home in Dublin into her sole ownership should be overturned.
Lorraine Drumm (pictured with David in Cape Cod right) insisted that the transfer of the house in Abington, Malahide, was for "taxation reasons".
Anglo claimed the May 2009 transfer was "a fraud on creditors" of Mr Drumm.
The agreement effectively brings to an end legal proceedings here by Anglo against Mrs Drumm, but the case against her husband remains outstanding.
Mrs Drumm gave her irrevocable consent to the setting aside of the transfer whenever that could be done.
And Anglo has accepted that in effective settlement of its action against her.
However, no final order setting aside the transfer can be made yet because matters have been complicated by Mr Drumm's action in filing for bankruptcy in the United States last week and because he is also a party to the transfer arrangement, John Hennessy, for Anglo, said.
Because the US Trustee in Bankruptcy was now involved -- by virtue of all Mr Drumm's assets worldwide being vested in the trustee -- a final order setting aside the transfer could not be made now, counsel said.
Counsel also asked that an injunction, granted to the bank last Tuesday which restrains Mrs Drumm from proceeding with her proposal to re-transfer the property back into the couple's joint names, remain in place until Tuesday next.
While casting no aspersions on Mrs Drumm, the injunction provided stronger security for the bank than an undertaking being proposed by her, counsel said.
Gary McCarthy, for Mrs Drumm, asked that the injunction be lifted and replaced with an undertaking to the same effect from Mrs Drumm.
He said there was never any intention on the part of Mrs Drumm, in proposing last Monday that the property be put back into the joint names of herself and her husband, to put the property beyond reach of creditors of Mr Drumm, as the bank had suggested earlier.
Mrs Drumm had believed, if the property was put back into the couple's joint names, that would have set aside the transfer as Anglo had sought in its action against her, he said.
Mr Justice Kelly said he would leave the injunction in place.
He noted the bank's arguments the injunction had been notified to the Property Registration Authority.