Monday 23 July 2018

Sean Quinn Jnr and wife receive extra €50k living expenses

Sean Quinn Jnr and his wife Karen Woods. Photo: Gerry Mooney
Sean Quinn Jnr and his wife Karen Woods. Photo: Gerry Mooney

Tim Healy

Sean Quinn Jnr and wife Karen Woods have been allowed to borrow an additional €50,000 to cover their living expenses for the year, a court has heard.

Mr Justice Robert Haughton was told IBRC had reached an agreement with the pair concerning payment of living expenses, legal fees and for sale of two Dublin properties.

The court was previously told the couple, who have three children, are not in paid work and get living expenses, totalling some €100,000 annually, from accounts controlled by receivers appointed over their assets.

Mr Quinn Jnr, the court heard, has been working unpaid since 2017 as part-time CEO of his father's business, QuinnBet.

The expenses applications arose in the context of orders made by the High Court in 2012 freezing accounts and assets of various members of the Quinn family. Yesterday, Mr Justice Haughton was told the expenses and sale applications were not proceeding as the sides had agreed on various orders, including sale of two properties.

The sale proceeds will be lodged to an account to be used for payment of the couple's living expenses. Other orders permit the couple enter an agreement with the mortgagee of a property at Alder Lodge, Farmleigh Woods, Castleknock, aimed at extending the period of a loan of €210,000. They are also permitted to borrow a further €50,000.

A further order permits Ms Woods to encash all remaining investments held by her with Jefferies & Co with the resulting funds to be paid to an account held by the receivers.

Once the sale of the two properties is finalised, the funds realised from Jefferies and used for living expenses will be reimbursed by the couple to a separate account, controlled by the receivers and subject to the freezing orders.

Irish Independent

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