Friday 13 December 2019

Sean Quinn's fugitive nephew made bankrupt by Anglo's liquidators

Peter Darragh Quinn
Peter Darragh Quinn
Dearbhail McDonald

Dearbhail McDonald

The fugitive nephew of businessman Sean Quinn has become the second member of the Quinn family to be made bankrupt by the former Anglo Irish Bank.

Peter Darragh Quinn, who faces immediate arrest in the Republic of Ireland after being found in contempt of court orders not to interfere with the Quinn family's international property group (IPG), has been adjudicated a bankrupt in Belfast.

The joint liquidators of the IBRC, formerly Anglo, obtained the bankruptcy order against Peter Darragh Quinn - also known as Peter Quinn Jnr and Peter Quinn - on September 8.

The dissolved bank petitioned the Belfast court last June on foot of a mammoth €145m judgment it had obtained against Mr Quinn in the Commercial Court in Dublin last year.

The granting of the bankruptcy petition will allow the IBRC to pursue any assets held by Peter Darragh Quinn, who was previously ordered - along with other members of the Quinn family - not to reduce them below €50m.

Mr Quinn, with an address at Sessiah East, Innishmore, Lisbellaw in Co Fermanagh, was adjudicated a bankrupt after he failed to comply with a statutory order to repay the debt to the IBRC.

Sean Quinn. Photo: Gerry Mooney
Sean Quinn. Photo: Gerry Mooney

The $188m (€145m) Peter Darragh Quinn was ordered to pay the bank represents the "lost value" of the Kutuzoff Tower in Moscow, previously described as the family's most valuable asset.

The Fermanagh businessman fled the jurisdiction two years ago after the High Court found that he, his uncle Sean Quinn Snr and his cousin Sean Quinn Jnr, were in contempt of court orders not to interfere with the family's IPG.

The former head of the IPG remains the subject of an arrest warrant and faces a three months' jail sentence if he crosses the border.

But he cannot be extradited back to the Republic because the sentence related to a civil rather than a criminal law matter.

Peter Darragh Quinn previously indicated again that he is appealing the contempt finding to the European Court of Human Rights.

Mr Quinn Snr was released from Dublin's Mountjoy prison in January 2013 after serving a nine-week jail term.

The one-time billionaire's son, Sean Quinn Jnr, had earlier served a three-month jail term and purged his contempt last December when he secured a €210,000 loan charged against the Dublin home he owns with wife Karen Woods.

Last night the Joint Special Liquidators declined to comment on its court action against Peter Darragh Quinn.

Separately, a major civil action by Sean Quinn's family denying liability for some €2.34bn loans advanced by the former Anglo Irish Bank to Quinn companies is set to proceed next April.

The Commercial Court action by Mrs Patricia Quinn and her five children against the IBRC and other state parties had been parked pending the hearing of criminal proceedings against three former Anglo executives, which have now concluded.

In their proceedings, the Quinns deny liability for some €2.3bn of total loans of about €2.8bn which they claim were given illegally by the bank to prop up its share price.

The bank's own action alleging a conspiracy by the Quinn defendants and others to strip assets valued at up to €455m in the Quinns' international property group was initiated in June 2011 but was also stayed at the request of the Director of Public Prosecutions.

The Quinns claim loans of about €54m were made to IPG companies of which, they allege, only €9.2m relates to companies involved in the conspiracy case. The family claim the rest of the €445m sum is not relevant to the conspiracy case.

Irish Independent

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