Business World

Friday 22 September 2017

How case has unfolded

William McAteer leaving Dublin Circuit Criminal Court
William McAteer leaving Dublin Circuit Criminal Court

April 2011

A share receiver is appointed to the Quinn Group by Anglo Irish Bank, which is owed over €2.8bn. Anglo takes control of the Quinn family's equity interest in the Quinn Group.

May 2011

Quinn family initiates High Court proceedings against Anglo (the main proceedings) in which they deny liability for some €2.3bn of total loans of about €2.8bn, which they claim were given illegally by the bank to prop up its share price.

Weeks later, Anglo counterclaims (the conspiracy proceedings) that the Quinns and others conspired to strip assets valued at up to €455m in the Quinns' international property group (IPG).

June 2011

High Court grants temporary injunctions preventing the Quinns from taking steps to place the IPG beyond the reach of Anglo.

June 2012

High Court orders Sean Quinn Snr, Sean Quinn Jnr (right) and Peter Darragh Quinn to serve three months in prison for contempt of court, for breaking court orders not to interfere with the IPG.

Sean Quinn Snr and Sean Quinn Jnr (far right) each go to jail. Peter Darragh Quinn flees the State and is still at large.

June – July 2012

High Court grants worldwide Mareva orders freezing the assets of the Quinns, who are not allowed to reduce their personal or corporate wealth below €50m.

February 6, 2013

Government publishes draft legislation amid speculation that Anglo, now IBRC, will be liquidated.

February 7, 2013

In the early hours of February 7, legislation enabling the immediate liquidation of IBRC is signed into law following an all-night sitting of the Oireachtas. Two Joint Special Liquidators (JLS) are appointed to the company.

February 7, 2013

Two informants approach the bank via a lawyer claiming to have information on assets held by the Quinn family.The IBRC board is notified and the informants undergo a due diligence process.

February, 2013

The Director of Public Prosections (DPP) applies to postpone the main Quinn proceedings pending the outcome of separate criminal proceedings against three former Anglo executives.

March 15, 2013

IBRC signs an agreement with the informants.

Under the deal, the informants – who claim the Quinns have "very substantial assets" not disclosed in the court proceedings –will receive 3pc of any cash recoveries.

February 21, 2014

IBRC files application in the Commercial Court in London seeking disclosure orders against several parties on foot of the informants' information.

The orders, granted three days later, are themselves subject to gagging orders – so the Quinns know nothing about the IBRC's moves.

March 12, 2014

IBRC asks bankruptcy court in Delaware, in the US, for disclosure against Yahoo! Inc, AOL and mail.com. These, too, are subject to gagging or "no tell" orders.

April 2014

Sean FitzPatrick, former chairman of Anglo, is acquitted on all charges that he provided unlawful loans.

Pat Whelan and William McAteer (left), former directors, are convicted of providing unlawful loans to the Maple 10 group of borrowers. All three are acquitted in relation to charges of illegally providing loans to the Quinns.

May 19, 2014

DPP clears way for the Quinns' main case to proceed after the Anglo trial ends.

May 30, 2014

Hours after the US gagging orders are lifted, IBRC tells the Irish High Court of its recent discoveries.

Irish Independent

Also in Business