The developer Sean Dunne has declared himself bankrupt in the United States, where Nama has been pursuing him in the civil courts over a debt of more than €150 million. 

The bankruptcy process is faster in the US than in Ireland, and debtors who have been entirely honest with the courts can expect a discharge of their debts within one year or so.

Mr Dunne filed for bankruptcy on Friday night and in his application he said he has assets of between $1 million and $10 million dollars, but that he owes between $500 million and $1 billion.