Tuesday 23 April 2019

Quinns want bank freeze varied to pay lawyers

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Tim Healy

Members of former billionaire Sean Quinn's family want permission to vary a bank freeze so they can pay lawyers for their ongoing action against Irish Bank Resolution Corporation (IBRC), the Commercial Court has heard.

The case is currently being heard in the High Court and may last months. In that action, the Quinns dispute any liability for share pledges and guarantees related to loans of some €2.34bn.

The loans were advanced by IBRC's predecessor, Anglo Irish Bank, to various Quinn companies.

A separate case by IBRC against various Quinn family members and other parties, alleging a conspiracy to strip some €455m assets from Quinn International Property Group companies, is due to be heard after the loans liability action.

In 2012, the Commercial Court imposed freezing orders on the Quinn bank accounts.

Since then, they have had to apply to the court to vary those orders for living expenses and legal fees to be paid out.

Yesterday Ross Alyward BL, for the Quinns, said he wished to apply to the court next week to vary the freezing order to enable his clients to provide security over a property and to draw down a loan of £250,000 (€291,498) to facilitate their continued involvement in the main loan liability proceedings.

Barry O'Donnell SC, for IBRC, opposed the application.

Mr Justice Robert Haughton adjourned the matter for a week.

Irish Independent

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