Quinn wife gives up home to help Sean Jnr purge contempt
Published 14/12/2012 | 05:00
SEAN Quinn Jnr's wife is set to give up lifetime residency rights in her €800,000 home to help her husband purge his contempt to the former Anglo Irish Bank.
Karen Woods, whose bank accounts and assets have been frozen and taken over by receivers appointed by IBRC (formerly Anglo), was last year granted residency for life in the Dublin apartment she co-owns with her husband.
Ms Woods became a full owner in the Alder Lodge apartment, near Phoenix Park, following her marriage to Mr Quinn last May.
The planned sale of the property has been agreed as part of Mr Quinn's "urgent desire" to purge his contempt.
But the couple have asked the courts to defer the sale until next year to allow them time to "regularise their lives together".
In a letter submitted to the High Court, lawyers for Mr Quinn asked for a reprieve on the sale of the home given the "turbulent events of the last few months".
The ev-ents, the letter states, include the extensive legal actions between the Quinn family and the IBRC, Mr Quinn's incarceration and the decision by IBRC to join his wife in the proceedings.
Mr Quinn has already served a three-month jail term for his failure to comply with court orders to reverse steps to put international assets out of the reach of IBRC.
His cousin, Peter Darragh Quinn, was also sentenced to three months, but that sentence has not been executed as he left the jurisdiction.
Mr Quinn Jnr had to sell his English golf resort, The Belfry, which has hosted the Ryder Cup, earlier this year for a reported €133m – a significant loss.
The Quinn family face an anxious wait to find out if former billionaire Sean Quinn Snr, who is serving a nine-week jail term for contempt, will be released for his granddaughters christening on December 22.
Mr Quinn Snr, who is now a bankrupt, is due for release on January 4, but has sought compassionate release.
Yesterday, Ms Justice Elizabeth Dunne at the High Court was told that Mr Quinn Jnr's half share of the Alder Lodge apartment was the only asset he owns.
The property was likely to fetch close to €800,000, with his share going to IBRC.
It was necessary to seek the court's permission to be allowed to sell the apartment because the couple are prevented from disposing of any of their assets.
Senior counsel Martin Hayden, for Mr Quinn Jnr, said it was hoped that the court would allow the proposed sale of his client's "family home" to be delayed "on compassionate grounds".
He said Mr Quinn was making every effort in order to purge his contempt, including providing IBRC with the documentation it requires.
While much has already been done, more time was needed by his legal team.
Senior counsel Shane Murphy, for IBRC, asked the court to adjourn the matter for a week so the bank could assess Mr Quinn's offer.
He also told the court that other issues had been raised in the letter which the bank wished to consider.
Ms Justice Dunne agreed to put the matter back to next Wednesday.