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Anglo turns up heat in battle over €2bn losses

THE BATTLE between Anglo Irish Bank and Sean Quinn has stepped up a notch with the bailed-out bank fighting to recover €2bn from the bankrupt businessman.

Anglo, now trading as the Irish Bank Resolution Corporation (IRBC), wants to overturn the bankruptcy of the Cavan businessman.

Mr Justice Peter Kelly said in the latest round of the debts battle in the Commercial Court in Dublin yesterday that he was "unsympathetic" to Mr Quinn as he had gone to Northern Ireland "on the last possible day".

Bankruptcy in the Republic lasts up to 12 years -- but in the UK it would give Quinn a fresh start within 12 months.

IBRC's barrister, Paul Gallagher, said the petition asserted Mr Quinn's centre of main interests is in Northern Ireland. His companies are registered at Derrylin, Co Fermanagh and he is domiciled for taxation there.

But IRBC claims that Mr Quinn had consistently indicated his home is at Greagrahan, Co Cavan.

The judge said the issue of annulment of bankruptcy was for the Northern courts to decide but, as of now, there was no impediment to the bank bringing legal action here against Mr Quinn. Mr Justice Kelly also admitted to the court the bank's additional application for €3m summary judgment orders against Mr Quinn and wife Patricia arising from personal borrowings.

hnews@herald.ie


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