IRISH Bank Resolution Corporation still hasn't uncovered the beneficial owners of two foreign companies claiming to be owed more than €115m by the Quinn international property empire -- despite securing court orders to reveal the companies' ownership more than two months ago.
Sources last night admitted that while the former Anglo Irish Bank had "made some progress" in enforcing the court orders, the process had not yet yielded the owners' identities because of the complex nature of the ownership structures.
At this point there is significant uncertainty about whether the legal orders will ever reveal the ultimate owners of Belize-based Galfis, which has a $100m (€77m) claim against a Russian Quinn-owned company, and Lyndhurst, a British Virgin Islands-registered entity that claims to be owed €42.5m by a Ukranian Quinn-owned firm.
But the bank is understood to be hopeful that imminent court hearings in Dublin and Belfast might shed more light on the ownership of the two firms and the legitimacy of their claims against the Quinns' €500m international property empire.
Those two cases are part of an intensive fortnight of litigation between the bank and the family of Sean Quinn.
The action will kick off in the Dublin courts this morning, when one-time billionaire Mr Quinn will petition Mr Justice Peter Kelly for the right to represent himself in an upcoming battle between the bank and the entrepreneur's family.
The bankrupt Mr Quinn will claim that it would be a breach of his human rights if the decision by his bankruptcy assignee not to take part in the case meant Mr Quinn was also denied the opportunity to represent himself. The bank argues that Mr Quinn's assignee's position means the 65-year-old can not take part in the case.
The case is being taken by Mr Quinn's five adult children and his wife, who dispute the bank's right to enforce guarantees and other security they granted against €2.8bn of loans. If Mr Quinn appears in the case, it will be as a defendant along with the bank.
Next Wednesday, Mr Quinn, his son Sean Quinn Jnr and his nephew Peter Quinn are all expected to be back in Dublin's High Court to offer their defence to a contempt of court action brought by IBRC.
The bank claims the three men broke orders granted last July preventing them from "interfering with" the international property empire and re-assigning assets. The Quinns are expected to deny this.