Saturday 18 November 2017

Court allows Quinn Jnr to draw down €210,000 mortgage

Tim Healy

SEAN Quinn Jnr and his wife Karen Woods have been permitted to create a €210,000 mortgage on their Dublin home.

Earlier this week, the son of bankrupt businessman Sean Quinn asked the Commercial Court to vary freezing orders on his assets so that money will be available to him next month when he is due to purge his contempt of court orders.

An order was made permitting the couple to create a mortgage or charge over their home at Alder Lodge, Castleknock, Dublin yesterday.

That charge is required for the purposes of raising funds to assist Mr Quinn in purging his contempt of court orders restraining stripping of assets from the Quinns' international property group.

Mr Quinn was jailed for three months after being found guilty of contempt arising from a €368,000 payment made to the former general director of Quinn Properties Ukraine.

The High Court previously indicated payment of the €210,000 would lead to the final purging of that contempt and the matter is due before Ms Justice Elizabeth Dunne next month.

At the Commercial Court yesterday, a judge also ruled that property tax and income tax owed by members of the family of bankrupt businessman Sean Quinn be paid from frozen bank accounts.

Ciara Quinn yesterday secured court orders, with the consent of Irish Bank Resolution Corporation (IBRC), allowing receivers appointed over the frozen accounts make payments due by her of €1,800 for local property tax and some €3,780 income tax.

Mr Justice Peter Kelly will next month deal with further applications by members of the family for additional variations of orders granted from June 2012 which have frozen their accounts below €50m and appointed receivers over their accounts and assets.

Irish Independent

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