Belfast Telegraph

Wednesday 16 April 2014

Bid to overturn Quinn bankruptcy

A bid to overturn the bankruptcy of Sean Quinn will be heard on December 19 and 20

A bid to overturn the bankruptcy of Sean Quinn, once the richest man in Ireland, will be heard next month, a Northern Ireland court has ruled.

Ireland's former Anglo-Irish bank, which says the 64-year-old owes around 2 billion euro in the Republic, will have its case heard on December 19 and 20.

The Northern Ireland court challenge by the lender, now rebranded Irish Bank Resolution Corporation (IBRC), comes as legal proceedings are continuing in Dublin. The court also ordered that Mr Quinn make himself available for the December hearing in case he is required to testify.

Mr Quinn voluntarily filed for bankruptcy in Belfast earlier this month, arguing he was resident in Co Fermanagh in Northern Ireland and his business was centred there.

Belfast's Chancery Court heard that Mr Quinn has been ordered by Dublin's Commercial Court to pay 417 million euro (£359 million) to the IBRC. But a decision on the outstanding claim of 1.6 billion euro (£1.4 billion) has been delayed.

IBRC had said it would challenge Mr Quinn's declaration of bankruptcy in the UK.

Mark Horner QC, representing the bank, told Judge Mr Justice Donal Deeny that the matter was one of "considerable urgency". He told the court: "It is absolutely critical this is dealt with as soon as possible."

Paul McLaughlin, representing Mr Quinn, said time was required to compile information on how the former tycoon's business operated.

The judge said: "Perhaps we don't need a long history of the affairs of these companies." Mr McLaughlin replied: "I think it is going to be unavoidable."

Mr Justice Deeny said the case would be heard on December 19-20 and said this should give sufficient time to the legal teams.