Family of bankrupt billionaire Sean Quinn secure permission to sue former Anglo Irish Bank Chairman Sean FitzPatrick
Published 04/11/2013 | 17:34
THE family of bankrupt billionaire Sean Quinn have secured permission from the High Court to sue former Anglo Irish Bank Chairman Sean FitzPatrick for damages.
The Quinns required the court's permission to bring their intended action against Mr FitzPatrick because he has been adjudicated a bankrupt.
The estate is administered by the the court appointed official dealing with his bankruptcy, the Official Assignee, Chris Lehane.
Last month, the court was told that in their intended action Mrs Patricia Quinn and her five adult children will claim that, between September 2007 and July 2008, Mr FitzPatrick conspired with others to enter into unlawful contracts. The alleged actions occurred prior to Mr FitzPatrick being adjudicated as a bankrupt in 2010.
Today, Stephen Walsh BL, for the Quinns said his clients were giving an undertaking that should they be successful in their action they will not seek to enforce any judgment for damages or legal costs against Mr FitzPatrick's estate.
Mr Walsh said the claim will be brought against an insurance policy concerning Mr FitzPatrick in his capacity as Chairman of Anglo. It was still to be determined if such an insurance policy existed or if it would cover the intended claim.
Mr Lehane, who in his capacity as official assignee would be a party in the Quinns claim against Mr Fitzpatrick, said he had no objection to the action being brought now an indemnity had been given on behalf of the Quinns.
Mr Justice Brian McGovern said he was satisfied to grant the Quinns permission, under the Bankruptcy Act, to bring the damages action against Mr FitzPatrick.
The Quinns also intend to bring proceedings against 11 other former Anglo directors, and the Central Bank and Department of Finance in their capacity as regulators, over loans of some €2.34bn allegedly unlawfully issued by Anglo to Quinn companies during 2007 and 2008.
The other former Anglo directors are: Declan Quilligan, Wetherby Place, London; Patrick Whelan, Coast Road, Malahide, Co Dublin; Lar Bradshaw, Church Road, Killiney, Co Dublin; Fintan Drury, Old Rissian Village, Kilquade, Co Wicklow; Noel Harwerth, Grosvenor Square, London; Anne Heraty, Highfield Road, Rathgar, Dublin; Michael Jacob, Newtownpark Avenue, Blackrock, Co Dublin; Willie McAteer, Auburn Villas, Rathgar, Dublin; Gerard William McGann, Stonehouse, Donnybrook, Dublin; Edmond Francis Sullivan, Linden Fields, Grove Avenue, Blackrock, Co Dublin and David Drumm of Old Colony Road, Wellesley, Massachusetts, US.
The Quinns allege the former directors either collectively or individually authorised the advancing of loans to Quinn companies and this was illegal and/or wrongful and caused damage to the Quinns.