Quinn hopes to halt IBRC selling assets
The family of bankrupt businessman Sean Quinn is today looking for a High Court order to prevent the disposal of assets by IBRC as part of the bank’s liquidation.
The Quinns are concerned that even if they win their action against the bank, assets of the Quinn Group such as the Slieve Russell Hotel may be put irrevocably beyond their reach under the new IBRC Act.
In 2011, Kieran Wallace was appointed as a share receiver over the Quinn group, ending the family’s role in running the business.
The Quinns argue they lost millions because of the movement of assets that subsequently took place.
They are involved in protracted litigation with the former Anglo Irish Bank, but they are concerned that even if they win, there will be no damages available to them.
IBRC is insolvent and they believe under the IBRC Act, assets will be put irrevocably beyond their reach in a transfer to Nama or another third party.
Barrister for the Quinn family, Martin Hayden, said the Act is novel except in totalitarian jurisdictions. He wants a High Court order maintaining the status quo while the Anglo/Quinn court proceedings continue.
