Declared bankrupt - how does that affect High Court order?

oceanclub

Discussion over on politics.ie about a FF counciller who's been declared bankrupt:

http://www.politics.ie/current-affairs/135595-fianna-fail-councillor-declared-bankrupt.html

Previously, a High Court order prevented him from lowering his bank account below €8m:

http://www.independent.ie/national-news/courts/it-costs-euro16000-a-month--to-run-my-home-says-tearful-poll-ally-of-cowen-1684806.html

"Mr Killally, of Shean, Edenderry, Co Offaly, is subject to a High Court order prohibiting him from reducing his bank accounts below €8m in circumstances where he and former Offaly football manager Richie Connor face proceedings over land deals for damages, including for alleged negligence, misrepresentation and unjust enrichment. "

Does anyone know does being declared bankrupt supercede that order?

P.

Tom Young

It shouldn't supercede the order at all. Two connected although separate matters.

The injunction or order preventing the reduction of assets is known as a mareva injunction or it can also be taken under a section of the Companies Acts which also serves to stop the reduction of certain assets.

The declaration of bankruptcy has the effect of placing the bankrupts assets under the control of the official assignee, etc.

Tom