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Sean Quinn's five children and IBRC agree to discuss mediation before trial

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On Monday, Mr Justice Brian McGovern granted IBRC liquidator Kieran Wallace an interim order appointing a receiver over shares in the Indian company called Macksoft Tech Pty which was recently the subject of insolvency proceedings in India taken by a Quinn firm in that country. Stock Image

On Monday, Mr Justice Brian McGovern granted IBRC liquidator Kieran Wallace an interim order appointing a receiver over shares in the Indian company called Macksoft Tech Pty which was recently the subject of insolvency proceedings in India taken by a Quinn firm in that country. Stock Image

On Monday, Mr Justice Brian McGovern granted IBRC liquidator Kieran Wallace an interim order appointing a receiver over shares in the Indian company called Macksoft Tech Pty which was recently the subject of insolvency proceedings in India taken by a Quinn firm in that country. Stock Image

Businessman Sean Quinn's five adult children and the Irish Bank Resolution Corporation (IBRC) have agreed to meet to discuss the possibility of mediating their long legal dispute, the High Court has been told.

However, preparations will still continue for the hearing in March of the children's action disputing any liability for loans of some €2.34bn advanced by Anglo Irish Bank, IBRC's predecessor in title, to Quinn companies.

David Drumm, the jailed former CEO of Anglo, is among at least 49 witnesses due to give evidence in the case.

Mr Justice Michael Twomey last week urged the sides to consider mediation.

He has been allocated to hear the case, initiated in 2011 and which could run for six months at a cost of several million euro.

This is on top of costs of tens of millions already incurred in the family's case and in parallel litigation by the bank against members of the Quinn family and various companies in the Quinn international property group (IPG).

The bank's case, in which IBRC alleges a conspiracy to strip some €455m assets from IPG companies in several countries, is due for hearing after the children's action.

Both cases were put on hold for several years pending the hearing of criminal proceedings against various Anglo executives and officials, including Mr Drumm.

On Friday, during a further case management hearing, Mr Justice Twomey was told by Bernard Dunleavy SC, for the Quinns, the sides had agreed to meet to discuss the possibility of mediation.

Having addressed a range of case management issues, the judge then adjourned the matter.

A core issue concerns the validity of securities provided by the children concerning loans advanced by Anglo to Quinn companies.

IBRC contends the children were of full age and understanding when they signed the relevant documents and they are bound by them.

The bank also claims Sean Quinn Senior and Liam McCaffrey and Dara O'Reilly, former Quinn group senior executives joined as third parties to the case, were acting as agents for the children in relation to execution of the disputed securities. That claim is denied.

Irish Independent