Sunday 23 April 2017

Anglo seeks judgment to hold Quinn responsible for €2bn debt

FINANCE

Laura Noonan

Laura Noonan

ANGLO Irish Bank has asked the courts to make Sean Quinn legally responsible for more than €2bn of debt, in a move that could clear the way for a bankruptcy action against him.

Papers filed with the court in Dublin on Wednesday night show that Anglo -- under its new name of the Irish Bank Resolution Corporation (IBRC) -- is seeking 'judgment' against Sean Quinn for the debts.

If the judgment is granted, Mr Quinn will be legally compelled to repay the debt or face bankruptcy or other action from Anglo. The court will hear the application on November 14.

As well as opening up the possibility of bankruptcy, Anglo believes a judgment could materially assist the bank in other legal battles with the Quinns.

Mr Quinn's wife and children are disputing the legitimacy of some €2.3bn of loans in the courts in Cyprus and Ireland.



Verdict

If the judgment case establishes that the loans are legitimate, that verdict could then be cited by Anglo in those other cases.

It is possible, however, that the High Court will decide to attach the judgment issue to the broader case that is due to be heard in Dublin in January.

A spokesperson for the Quinn family was unavailable for comment last night.

Irish Independent

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