Sean Quinn Jnr seeks to raise €210,000 charge on Dublin home
THE son of bankrupt businessman Sean Quinn wants to raise a €210,000 charge on his Dublin home, the Commercial Court heard.
Mr Quinn today asked the court to vary freezing orders on his assets to allow him and his wife, Karen Woods, who is expecting their first child, so the money will be available next month when he is due to purge his contempt of court orders.
His sister Ciara and her husband also want variations to allow them make some €10,000 tax payments, including the property tax.
Various members of the family also want the court to exclude certain bank accounts, some shareholdings and their existing motor vehicles or any replacement vehicles, from terms of the freezing orders, obtained by Irish Bank Resolution Corporation (IBRC)from June 2012, which restrain them reducing their assets below €50m.
The variations are required to allow the family set up direct debits and standing orders, meet tax payments, manage shareholdings in the cases of two of them and, when appropriate and if necessary, sell cars, Aoife Quinn said in an affidavit.
Ms Quinn said it was necessary to seek the variations now because it was expected it would be some time before the full hearing of the proceedings against them, in which IBRC alleges a conspiracy to strip multi-million assets from companies in the family's international property group, will open.
The full hearing has been deferred pending the hearing of criminal proceedings against former executives of Anglo Irish Bank.
Mr Quinn's wife Karen is seeking a variation to allow her deal, if necessary, with shares valued at €102,500 but was not seeking to put any proceeds from sale of the shares beyond the control of receivers, Aoife Quinn said.
Ciara Quinn wanted to deal with a Ryanair shareholding on the same terms.
In her affidavit, Aoife Quinn said her brother and sister Brenda, unlike the other family members, have no bank accounts not controlled by the receivers and wanted to be permitted operate such accounts.
Her brother and his wife were expecting their first baby next year and would need discharge expenses for that, plus tax payments of some €10,000, she said.
Brenda Quinn wants to be permitted to put an unidentified sum due to her from her former employers, Quinn Insurance, as compensation for loss of her employment, into a Bank of Ireland account in Cavan.
She also wants to have that excluded from the freezing orders and control of the receivers, subject to statements concerning the account being made available to the receivers. That sum is not related to the issues in this case, Aoife Quinn said.
IBRC, which obtained the freezing orders from June 2012, said it wanted a short time to take instructions on Sean Quinn Junior's proposal concerning the €210,000 charge on his home in Alder Lodge, Farmleigh, Castleknock.
The High Court heard last month Mr Quinn junior's half share in the house, valued at €420,000, was offered to purge his contempt for having participated in a US$500,000 payment to a Ukrainian-based Quinn company on the eve of IBRC's takeover of that company.
IBRC also wants similar time to deal with the application by his sister Ciara and her husband Niall McPartland for variation orders allowing them make income and residential property tax payments of some €10,000, plus a 5 per cent surcharge if necessary.
Mr Justice Kelly said he would deal with the applications of Sean Quinn Jnr concerning the €210,000 mortgage, and of Ciara Quinn and Mr McPartland concerning the tax payments, on Friday as they appeared more urgent and he adjourned the other matters to December 16.
Earlier, Martin Hayden SC, for the Quinns, said his solicitors wrote to IBRC's solicitors on November 7 seeking consent to the proposal to create the €210,00 mortgage but received no reply. The mortgage issue and tax payments were urgent and Mr Quinn was due before the High Court on December 4 in the contempt proceedings and wished to have the €210,000 funds available then.