Quinns begin High Court bid to force IBRC set aside money for their legal costs
JAILED businessman Sean Quinn's wife Patricia Quinn and their five adult children have opened their High Court bid to compel the former Anglo Irish Bank to provide security for their legal costs.
The family of Sean Quinn are seeking security for €6.5m in legal costs in case the bank, now in liquidation, is unable to pay their costs if the bank loses the family's alleged conspiracy case against Anglo.
The IBRC (in Special Liquidation) - formerly Anglo - has set aside some €50m to meet the costs of litigation.
The case was described this morning by High Court Mr Justice Peter Kelly as "unusual" .
This was because the Special Liquidator has made an offer to set aside €50m cash fund which will be "ringfenced" for payment of costs "and nothing else".
Shane Murphy SC, for the Special Liquidator, told the court that the fund will never be allowed to drop below €50m.
If the fund drops, it will be immediately replenished and will be available until the conclusion of the litigation.
When it was liquidated last February following an all night sitting of the Dail and Seanad, the IBRC was involved in 840 legal actions, 120 of which are being taken against the bank.
Next week the High Court has set aside two days to hear an application by the Quinns to join the Department of Finance and the Central Bank - as successor to the Financial Regulator - as co defendants to their main action against the IBRC.
The State parties are vigorously opposing any bid to join them in the action, a move that could, if successful, lead to the Government handing over sensitive confidential material.
The application continues.