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Thursday 28 August 2014

Quinn children in bid to halt IBRC action

Published 04/12/2012 | 05:00

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THE children and other family members of jailed businessman Sean Quinn will next week ask a court to stop an action by Irish Bank Resolution Corporation (IBRC) alleging they conspired to strip assets from the family's International Property Group (IPG).

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The five children and three spouses contend the bank's conspiracy action should be struck out or put on hold pending the outcome of the family's action against IBRC, due next April.

In that case, the Quinns claim the bank has no valid security over properties within the Quinn IPG and had also advanced some €2.4bn unlawfully to Quinn companies via loans to prop up its share price.

If the court rules in their favour, they contend the entire conspiracy action will have been pointless.

When the matter was mentioned in the Commercial Court yesterday, Mr Justice Peter Kelly said he would approve the directions and returned the conspiracy case to January 28 for further directions.

Irish Independent

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