Business Irish

Saturday 23 August 2014

Quinn son misses mortgage payments on IBRC closure

Tim Healy

Published 26/02/2013 | 04:00

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Aoife Quinn arriving yesterday for the High Court hearing

MEMBERS of the Quinn family have missed mortgage payments because direct debits on their accounts were cancelled, a court has been told.

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The family says the Government's decision to make Irish Bank Resolution Corporation (IBRC) insolvent means the courts must urgently lift orders freezing their accounts below €50m each and preventing them transferring assets in their International Property Group.

Alternatively, the family say the special liquidators of IBRC, formerly Anglo, must lodge up to $500m (€379m) in court to meet any claim for damages should they (the family) win the case, the Commercial Court heard.

Judge Peter Kelly said the matter was urgent and he would hear it next Monday.

One of Mr Quinn senior's daughters, Aoife Quinn, said in an affidavit it was clear from recent remarks of IBRC special liquidator Kieran Wallace that any claim the Quinns may have on foot of the bank's undertakings for damages will rank as "an unsecured debt which Anglo will be unable to satisfy".

The freezing orders have caused considerable loss to her family and it was "no longer just, equitable or conscionable" that they remain in place, she said. The "most striking example" was that mortgage payments on Sean Quinn junior's home were not paid, despite the fact the account from which those payments was to be made was in credit. KBC Bank had appointed a receiver over that property, she added.

They were also unable to contemplate new business ventures or employment, to maintain ordinary banking facilities and were delayed in getting the full legal advice necessary, Ms Quinn said.

Separately, Judge Kelly has fixed for hearing today another application by some members of the family for variation of the freezing orders on their accounts so as to allow them make certain payments, including payments to the Revenue.

Irish Independent

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