Quinn family 'concerned' over IBRC liquidation
The Quinn family have concerns about the implications of the new legislation liquidating Anglo Irish Bank which raises "many areas of complexity", a counsel for the family has said.
Included in the many existing proceedings against IBRC is the action by the family of bankrupt businessman Sean Quinn (pictured) alleging the former Anglo Irish Bank "shovelled" some €2.34bn in loans into Quinn companies in 2008 to shore up the bank's plummeting share price.
Senior Counsel Martin Hayden, who was dealing with IBRC's own case against the Quinns, said the family have concerns about the implications of the Act.
He said his main difficulty in persuading a court that the family's case can proceed is that the Act appeared "to sanitise" their claim that Anglo had breached Section 60 of the Companies Act – which makes it unlawful for a company to advance loans to buy its own shares – in making the €2.34bn loans.
The Section 60 issue is also raised in the defence of various members of the Quinn family to IBRC allegations that they conspired with others to move property assets beyond the bank's reach, counsel outlined.
The new Act also provided for an immediate stay on proceedings against Anglo and that raised issues for the security held by IBRC over Quinn properties.
There would be "a lot of difficulties" arising from the legislation, counsel added.