Ex-business associate of rugby legend Brendan Mullin to fight bankruptcy case

A former business partner of ex-Ireland rugby international Brendan Mullin has vowed to fight bankruptcy proceedings against him in the High Court.

French telecoms entrepreneur Stephane Fund (56) is disputing that his centre of main interest is Ireland, and maintains that he cannot be subject to a bankruptcy process in the jurisdiction.

Bankruptcy petitions were filed against both Mr Mullin (60) and Mr Fund last November, relating to a judgment for around €2m secured against the two men in April 2022 by Mount Street Mortgage Servicing Limited.

The judgment related to loans used to fund the purchase of luxury apartments in Ballsbridge, Dublin, from the National Asset Management Agency (Nama).

The High Court last month heard the application against Mr Mullin could be struck out, after the matter had been resolved between him and the creditor. However, the application seeking the bankruptcy of Mr Fund remained in place.

Mr Fund has had extensive business interests in Ireland through his involvement with various telecommunications firms, and at one time had an address in Kilternan, Co Dublin.

He is now the chief executive of Workz, a SIM and eSIM solutions company in Dubai. According to that company’s website, he was the founder and CEO of Simulity Labs and also previously worked for Arm and Telefonica.

Earlier this week, the High Court heard Mr Fund was in the process of swearing an affidavit contesting the petition. His counsel, Keith Farry BL, said two main defences would be put forward by Mr Fund.

The first is that Mr Fund lives in Dubai, disputes that Ireland is his centre of main interests and will argue that the petition is ‘not a case fit for the Irish jurisdiction’.

“The debtor does not ordinarily reside in this jurisdiction and thus can’t be subject to a bankruptcy process,” said Mr Farry.

The barrister said the second issue related to the alleged “act of bankruptcy” by Mr Fund.

An “act of bankruptcy” usually means a debtor has failed to comply with a request for the repayment of a debt or has been unable to surrender property that would cover the debt.

In Mr Fund’s case, an execution order was sent to the Dublin City Sheriff but was returned marked “No goods – nulla bona”.

Mr Farry said his client would argue the sheriff went to the wrong address and that the petitioning creditor knew he wasn’t at the address given.

During the hearing, Una Nesdale, for the creditor, said Mr Fund had been in “consistent breach” of court directions to file affidavits by specified dates.

Mr Farry accepted directions had been breached, but said the context for this was that Mr Fund had required discovery of certain documents, in particular in relation to the debt underpinning the proceedings and the creditor’s engagement with the sheriff.

“There was a requirement to get certain documents and consider those documents and then to swear a substantive affidavit to deal with the centre of main interests, his address – and to exhibit as much documentation as we could possibly find, proving where he lives now and that he didn’t live at that address at that point in time,” said Mr Farry.

Mr Justice Liam Kennedy said the repeated missing of deadlines “does nothing to enhance the party’s standing or credibility”.

“I will obviously look at the application on its merits, but I don’t think it is helpful to the court. Hopefully any further deadlines will be met,” the judge said.

The matter is due back in court later this month.

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