Belfast Telegraph

Saturday 20 September 2014

Bankrupt Sean Quinn must pay bank £358m

Sean Quinn

Bankrupt tycoon Sean Quinn must pay the former Anglo Irish Bank €417m (£358m), the High Court in Dublin has ruled.

Once Ireland's richest man, the Fermanagh native still owes the Irish Bank Resolution Corporation (formerly Anglo Irish Bank) around €1.6bn (£1.3bn).

The IBRC yesterday succeeded in getting summary judgment orders against Mr Quinn to the amount of almost €417m (£358m).

Mr Justice Peter Kelly adjourned the decision on the balance of the money owed to Monday next. This is to allow lawyers for Northern Ireland's Official Receiver time to decide if they want to make a ‘stay’ application. The former Anglo Irish Bank is trying to get loans of more than €2bn (£1.7bn) to be repaid by Mr Quinn. However, the case has been complicated by Mr Quinn's recent bankruptcy declaration in Belfast’s High Court.

The bank is also bringing an application in Belfast to have Mr Quinn's bankruptcy annulled, because it says his “centre of interest” is in the Republic and not in Northern Ireland.

This case is unlikely to be heard before Christmas, the Commercial Court heard in Dublin yesterday, although it will be mentioned in the Belfast courts today. The IRBC had strongly opposed any adjournment of three summary judgments against Mr Quinn.

Mr Justice Kelly yesterday made summary orders in respect of monies which Mr Quinn had acknowledged in sworn affadavits in his bankruptcy hearings that he owed the bank.

He said he would let the balance of the money being sought in three summary judgments stand over until Monday.

The bank is seeking the repayment of some €2bn (£1.7bn) arising mainly from Mr Quinn's guarantees of loans to companies in the Quinn Group.

The bank also claims €3m (£2.5m) summary judgment orders against Mr Quinn and his wife Patricia arising from personal borrowings.

The bank contends it has information concerning Mr Quinn's centre of main interests which was not before the courts in Northern Ireland.

It claims the information indicated Mr Quinn's bankruptcy was contrived as the Northern Ireland bankruptcy regime is more lenient than in the Republic. Mr Quinn alleged his centre of main interest is in Northern Ireland because firms of his are registered at Derrylin, Co Fermanagh.

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