Sunday 25 February 2018

Quinns regain control over their cars from recievers

Tim Healy

"HUGE" six-figure sums were passed in and out of accounts held in the joint names of Ciara Quinn and some of her children during 2011 and 2012, a receiver appointed over assets of members of Sean Quinn's family claims.

The Quinns argue those sums have "nothing whatever" to do with assets of their international property group, or any assets that are the subject of legal proceedings between them and Irish Bank Resolution Corporation (IBRC).

A court also heard that the Quinns will be able to regain control of their top-of-the-range cars from receivers. The claims were made yesterday during an application on behalf of the Quinn children and other members of the extended family for variations on freezing orders on their accounts.

Among the variations being sought include one allowing Sean Quinn Junior operate a bank account for living expenses.

The Commercial Court, however, also heard claims about the bank accounts being operated in the names of Ciara Quinn and some of her children. IBRC claims an analysis of accounts disclosed by the Quinns in autumn 2012 showed they were "not maintained for the benefit of the children in question".

They involved "extraordinary transactions" whereby vast amounts of money were being channelled in and out of the children's accounts", IBRC special liquidator Kieran Wallace said in an affidavit. But Aoife Quinn said in her affidavit that the monies lodged to the credit of the accounts came from Cranaghan Property Management Ltd, Quinn Windfarm Ltd and Snugborough. She said that IBRC "well knew" those companies had no connection to the legal action.

After talks, the sides reached an agreement concerning the entire variation applications and full details will be put before the judge today.

Irish Independent

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