Tuesday 19 June 2018

Quinns claim they are no longer receiving €9.5k monthly living expenses

Sean Quinn Jnr and his wife Karen
Sean Quinn Jnr and his wife Karen

Aodhan O'Faolain

Lawyers for one of former billionaire Sean Quinn's children and their spouses have claimed before the High Court that they are no longer in receipt of living expenses of approximately €9,500 per month.

Sean Quinn Junior and his wife Karen Woods were among members of the family who in 2012 were allowed living expenses by the High Court after having their accounts frozen below €50m each. 

In a sworn statement, Sean Quinn Junior said the payments were stopped as part of "a litigation strategy against us". The receivers have been working against them (Quinns) in tandem with the bank and not for the purposed they were appointed for, he said.

The claims are denied.

The living expenses were approved by the court following an application that arose in proceedings by Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, aimed at protecting up to €500m assets in the Quinn's international property group (IPG). 

IBRC claims the Quinns misappropriated assets IPG as part of a scheme to frustrate the bank’s efforts to recover loans of up to €2.8 billion against them and they were prepared to dispose of those assets.

The claims are denied.

As part of its action the bank secured account freezing orders against various members of the Quinn family and orders appointing receivers over their assets Ireland and worldwide, apart from family homes and certain jointly held accounts.

The orders were varied from time to time to allow Mr Sean Quinn Junior €6,700 in living expenses per month, while his wife was in receipt of €2,895 per month.

Mr Quinn did not get any expenses in December, while neither of them got any expenses in January, Mr Justice Brian McGovern was told on Monday.

The couple, who have three children, have brought an application against IBRC and joint receivers appointed over their assets aimed at having the payments restored.

Their counsel, Ross Aylward, said the cessation of the payments had caused the couple of Farmleigh Close, Farmleigh Woods Castleknock, Dublin some hardship particularly around Christmas.

Barry O'Donnell SC for IBRC and Andrew Fitzpatrick SC, for the receivers Declan Taite and Sharon Barrett asked the court for time to respond to claims made by Mr Quinn and his wife.

The Judge adjourned the application to later this week.

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