Thursday 23 November 2017

Days set aside for Anglo court battle with Quinn

Dearbhail McDonald Legal Editor

THE eastern European property empire owned by the family of bankrupt businessman Sean Quinn will fall under the spotlight again in a Belfast court in March as Anglo Irish Bank continues its fight to gain control of key assets around the globe.

The High Court in Belfast yesterday set aside two days to hear allegations that property assets owned by the Quinn family were transferred for less then their worth to deprive Anglo of its security over loans issued to Mr Quinn's wife Patricia and their five children.

Last year Anglo, now known as the Irish Bank Resolution Corporation (IBRC), appointed a share receiver over the Quinn Group as part of its efforts to gain control of the worldwide Quinn property empire, valued at up to €600m.

The move resulted in the share receiver taking control over Quinn Finance Holdings, which holds a number of property investments for the family and has succeeded in securing injunctions -- in Belfast -- against four companies; Demesne Investments, Innishmore Consultancy, Galfis Overseas Limited and Lyndhurst Development Trading SA.

The IBRC is attempting to gain control of two key assets in Russia and the Ukraine and secured the injunctions last Christmas to prevent the firms from bringing any actions over loan agreements associated with the properties.

Those injunctions were continued yesterday by Mr Justice McCloskey in Belfast who said that the two-day trial would receive "priority treatment".

Irish Independent

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