IBRC brings forward Quinn bankruptcy proceedings by a week
Irish Bank Resolution Corporation has secured a High Court order allowing it to bring forward proceedings aimed at having businessman Sean Quinn declared bankrupt in the Republic of Ireland.
The bank sought the order arising out of its fears the businessman may dissipate assets and put them out of the State-owned bank's reach before the bankruptcy proceedings come before the court.
The application to have the hearing brought forward was granted at the High Court this evening by Mr Justice John Edwards.
The judge, who remarked that the matter was complex, said he was satisfied to grant the bank the application it sought.
The application was made on an ex-parte (one side only) basis.
The bank's petition to have Mr Quinn declared a bankrupt will now be heard by the High Court on Monday January 16 next, a week ahead of when the matter had originally listed for hearing.
IRBC's application for an abridged hearing of its petition was made just hours after the North’s High Court annulled a previous decision to declare Mr Quinn a bankrupt.
In his judgment in Belfast Mr Justice Donal Deeney agreed with the IRBC's submission that Mr Quinn's main centre of interest was the Republic of Ireland and not Derrylin in Co Fermanagh as the businessman had claimed.
Today, barrister Aillil O’Reilly for IBRC (formerly Anglo Irish Bank) told the High Court in Dublin his client wanted the bankruptcy proceedings against Mr Quinn heard "as soon as possible".
Counsel said the bank had concerns that Mr Quinn might attempt to remove "unencumbered assets" and put them beyond the reach of the bank before the hearing takes place.
There could be a "dramatic dissipation" of Mr Quinn's assets - including cash and plots of land - "that were otherwise thought to have been unimpeachable," to other parties, counsel added.
Counsel said there were allegations in other proceedings that this had been done with corporate assets in other jurisdictions.
The court also heard that shortly before Christmas the bank, in the first stage of the process to have Mr Quinn declared bankrupt in the Republic, issued and served a summons of its bankruptcy proceedings on the businessman.
In response, Mr Quinn sought to have that summons set aside on the grounds that his centre of interest was in Northern Ireland, and not in this jurisdiction. Mr Quinn's application to have the summons set aside was due to be heard by the High Court in Dublin on January 16.
The bank, in the second part of the bankruptcy process, subsequently served Mr Quinn with a petition seeking to have him declared bankrupt. The hearing of the petition was due take place on January 23 next.
Counsel said that moving the matter forward would not be prejudicial to the parties.
Mr Quinn's counsel said he was already due to challenge the validity of IRBC's summons before the High Court on January 16. However counsel added that in light of Belfast Court's decision Mr Quinn's opposition to the summons was now moot.
