Friday 17 November 2017

No legal team for Sean Quinn in family's €2bn Anglo court battle


Tim Healy

BANKRUPT businessman Sean Quinn will not be represented in his family's legal action to stop Anglo Irish Bank pursuing them to recover €2.3bn loans.

The State's bankruptcy official has concluded there was no benefit for creditors of Mr Quinn in his being represented in the Commercial Court proceedings. Anglo, now State-owned Irish Bank Resolution Corporation (IBRC), had joined Mr Quinn as a third party to the family's case against it.

Also joined as third parties were former Quinn group finance director Dara O'Reilly and former chief executive Liam McCaffrey.

The action, by Mrs Patricia Quinn and her five adult children -- Ciara, Colette, Brenda Aoife and Sean Quinn jnr -- has yet to go to a full hearing and is expected to cost several million euro.

Yesterday, the bank's case against the third parties was mentioned in the High Court before Mr Justice Peter Kelly.

Gavin Simons, for Sean Quinn snr, said he was no longer receiving instructions and wished to no longer represent Mr Quinn.

The court heard the State's Official Assignee in bankruptcy was looking at Mr Quinn's assets and liabilities since he was made bankrupt here earlier this month.

Mark Sanfey, counsel for the Official Assignee, said his client had interviewed Mr Quinn extensively and had concluded there was no benefit for creditors in Mr Quinn being represented in the family's proceedings.

Mr Justice Kelly noted Mr Sanfey's remarks meant Mr Quinn would not be represented in the case.

In their action, the Quinn family claims Anglo unlawfully tried to prop up its share price by giving about €2.34bn loans into companies in the Quinn group, after learning in September 2007 of a 24pc Quinn shareholding in Anglo which could collapse the bank.

Anglo denies the family have no liability.

The hearing resumes today.

Irish Independent

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