Progress in discussions between Quinn children and IBRC
Progress is being made in discussions between the adult children of former billionaire Sean Quinn and the Irish Bank Resolution Corporation (IBRC) to settle their dispute over €415m in loan guarantees being sought by the former Anglo Irish Bank.
Both sides have been locked in talks in recent days in a bid to settle the case, which could last up to six months if it continues.
Bernard Dunleavy SC, for the Quinns, told Mr Justice Garrett Simons this morning that discussions between him and IBRC’s counsel Paul Gallagher SC were ongoing.
He said enough progress has been made to warrant the matter being adjourned for a further day.
Mr Justice Simons agreed to the adjournment and said he was happy to allow both sides as much time as they wanted.
Mr Dunleavy said a day should be sufficient for now.
The children, Sean Jr, Colette, Ciara, Aoife and Brenda, are suing IBRC and its liquidator, claiming loan guarantees and share pledged they gave in connection with €2.34bn in loans from Anglo to Quinn Group companies in 2007 and 2008 are invalid.
The loans were predominantly to cover losses by their father on disastrous stock market bets.
IBRC has a counterclaim against the children and is seeking to recover €82m from each of them.
The Quinns case against IBRC was dealt a significant blow on Wednesday when Mr Justice Simons refused to allow them amend their statement of claim to include an allegation they were unduly influenced by their father.
The judge also refused to allow them to file supplementary statements.