How can moving a loan into his wife’s name remove the liability of repaying it to the Bank?
Anglo Irish Bank has issued proceedings against its former Chief Executive David Drumm.
Mr Drumm was Chief Executive of the bank until last December when revelations about secret loans to directors emerged.
Mr Drumm has loans of €8m from the bank. Anglo Irish Bank today issued proceedings against Mr Drumm relating to those borrowings.
The bank has also issued proceedings against Mr Drumm’s wife Lorraine.
The legal action relates to a recent move by the couple to transfer property out of their joint names into Lorraine Drumm’s alone.
That would have the effect of putting the property out of reach of the bank.
Anglo’s proceedings are seeking to overturn that transfer.
The development comes after Minister for Finance Brian Lenihan said earlier this week that the bank would take legal proceedings against former directors over their borrowings.
He said some had repaid, but the bank would be taking legal action against those who had not.
Was watching it on the news tonight.
2 things made me quite the angry little internet garda.
1 was that Drumm bullshit. Surely, acting the bollocks like that should warrant either the money paid back or assets seized or get the fucker out of the country. People lost their savings in that bank and yet he is trying to weasel out of paying back his own loans. Pathetic. Even the US would have this guy locked up in a heartbeat.
Secondly was listning to the IFA guy talk about the farming issues. I thought he was 100% bang on. He was saying that it was impossible to get anything done regarding the shannon draining the west of ireland. This is because of at least 5 different authorities who claim to run the shannon but that don’t take any responsibility now. The guy standing there from the waterways ireland even said that it’s up to them to manage the waterways but not now, not when it floods, thats someone else’s problem.
Overall, a depressing news today and more poeple loosing their jobs.
[quote=“Garda Sean Horgan”]Was watching it on the news tonight.
2 things made me quite the angry little internet garda.
.[/quote]
you’re not one of those mini gaurds that got in when the height restriction went are you??..i always took you more for a 6 ft. plus country lad running his baton along the railings so the corner boys would hear you coming to clean house?..
[quote=“farmerinthecity”]How can moving a loan into his wife’s name remove the liability of repaying it to the Bank?
Anglo Irish Bank has issued proceedings against its former Chief Executive David Drumm.
Mr Drumm was Chief Executive of the bank until last December when revelations about secret loans to directors emerged.
Mr Drumm has loans of 8m from the bank. Anglo Irish Bank today issued proceedings against Mr Drumm relating to those borrowings.
The bank has also issued proceedings against Mr Drumm’s wife Lorraine.
The legal action relates to a recent move by the couple to transfer property out of their joint names into Lorraine Drumm’s alone.
That would have the effect of putting the property out of reach of the bank.
Anglo’s proceedings are seeking to overturn that transfer.
The development comes after Minister for Finance Brian Lenihan said earlier this week that the bank would take legal proceedings against former directors over their borrowings.
He said some had repaid, but the bank would be taking legal action against those who had not.[/quote]
the only legal action i want to see against those cunts at the moment is criminal proceedings
but I’d doubt he’ll get away with such an obvious ploy either
[quote=“farmerinthecity”]How can moving a loan into his wife’s name remove the liability of repaying it to the Bank?
Anglo Irish Bank has issued proceedings against its former Chief Executive David Drumm.
Mr Drumm was Chief Executive of the bank until last December when revelations about secret loans to directors emerged.
Mr Drumm has loans of €8m from the bank. Anglo Irish Bank today issued proceedings against Mr Drumm relating to those borrowings.
The bank has also issued proceedings against Mr Drumm’s wife Lorraine.
The legal action relates to a recent move by the couple to transfer property out of their joint names into Lorraine Drumm’s alone.
That would have the effect of putting the property out of reach of the bank.
Anglo’s proceedings are seeking to overturn that transfer.
The development comes after Minister for Finance Brian Lenihan said earlier this week that the bank would take legal proceedings against former directors over their borrowings.
He said some had repaid, but the bank would be taking legal action against those who had not.[/quote]
It seems they’re not trying to tranfer ownership of the loan, rather the property on which the loan was secured. Therefore, he’s still liable for the loan, the bank just can’t seize the property to repay it. I severely doubt they can get away with that but we’ll see.
[quote=“farmerinthecity”]How can moving a loan into his wife’s name remove the liability of repaying it to the Bank?
Anglo Irish Bank has issued proceedings against its former Chief Executive David Drumm.
Mr Drumm was Chief Executive of the bank until last December when revelations about secret loans to directors emerged.
Mr Drumm has loans of €8m from the bank. Anglo Irish Bank today issued proceedings against Mr Drumm relating to those borrowings.
The bank has also issued proceedings against Mr Drumm’s wife Lorraine.
The legal action relates to a recent move by the couple to transfer property out of their joint names into Lorraine Drumm’s alone.
That would have the effect of putting the property out of reach of the bank.
Anglo’s proceedings are seeking to overturn that transfer.
The development comes after Minister for Finance Brian Lenihan said earlier this week that the bank would take legal proceedings against former directors over their borrowings.
He said some had repaid, but the bank would be taking legal action against those who had not.[/quote]
Dont know where you picked up he is transferring the loan? There is a legal position whereby any transfer of assets can be cancelled if it is deemed to be for the purpose of getting them out of reach of Bank. I would say 0% chance of Drumm getting away with this. Fucking idiot…you would think he would at least get a good solicitor is he was trying to pull a stunt like this but that is schoolboy error!!!
Said it here months back but all these Anglo lads will get got over time, but softly softly catchee monkey here, make a wrong move on this and the cunts could end up getting away with it.
[quote=“dancarter”]Dont know where you picked up he is transferring the loan? There is a legal position whereby any transfer of assets can be cancelled if it is deemed to be for the purpose of getting them out of reach of Bank. I would say 0% chance of Drumm getting away with this. Fucking idiot…you would think he would at least get a good solicitor is he was trying to pull a stunt like this but that is schoolboy error!!!
Said it here months back but all these Anglo lads will get got over time, but softly softly catchee monkey here, make a wrong move on this and the cunts could end up getting away with it.[/quote]
how long does anglo have left Dan? i have a mate that works there- he thinks there are loans & deals that are in place that will trake years to run down?
yes, he could well be, i think they might have offered redundancies too- as you could expect there is a lot of anger in there at the senior management still there
Years Id say alright. Any developments or any undeveloped sites etc will have to be managed out. Contrary to popular opinion Anglo also did a lot of quality business over the years which still requires management. It may not continue as Anglo but in some guise or other the staff will be retained to unwind the loan book.
Anglo staff are applying for jobs all over the place at the moment, not the best thing on your CV though
No way. If it was my way all guards would be 6 foot plus and able to run 5 miles if ordered. NO WOMEN GUARDS!!
I’m a more of a cross between kurt russell in ‘Soldier’ and a really bad migraine.
Sandra: How do you know they’ll be back?
GSH: Because they’re soldiers, Sir. Like me.
Sandra: Why are they doing this?
GSH: They’re obeying orders, Sir. It’s their duty.
Sandra: Do you know how many there will be?
GSH: Seventeen more, Sir.
Sandra: Oh my God, you can’t fight seventeen more on your own, you have to organize us. We’re not cowards, we’ll do as you tell us, we’ll fight.
GSH: No.
Sandra: Why not?
GSH: Soldiers deserve soldiers, Sir.
Sandra: But one soldier, against seventeen. What are you going to do?
GSH: I’m going to kill them all, Sir.
