Belfast Telegraph

Court block on sale of Sean Quinn firms is extended

Prohibitions have been extended on any disposal of property in eastern Europe linked to troubled businessman Sean Quinn.

A judge at the High Court in Belfast granted continuing injunctions against creditors seeking to wind up a company which owns a Ukranian shopping centre.

A similar order involving another Quinn Group property in Russia was also granted.

It means that injunctions obtained on behalf of the former Anglo Irish Bank last month will remain in place until January 26.

The injunctions relate to a number of firms, including Lyndhurst Development, trading as SA Demesne Investments Ltd, which is based in the British Virgin Islands.

Another of those involved is Galfis Overseas Ltd, based in Belize. The companies are believed to be major creditors of the eastern European business ventures.

Mr Quinn, once Ireland's richest man, declared himself bankrupt in Northern Ireland in November over an alleged £2bn debt to Anglo, now renamed as the Irish Bank Resolution Corporation. IBRC is currently locked in a legal fight to have that move annulled.

Mr Quinn was stripped of control of his manufacturing and insurance business empire last April.

A share receiver was appointed to Quinn Finance Holdings, which holds a number of property investments for the family.

It was on behalf of the newly-controlled Quinn Finance that the injunctions were obtained.

They currently prevent Lyndhurst and Galfis from bringing any action over loan agreements associated with the properties in Ukraine and Russia.

The two injunctions state that the defendants are restrained from taking any steps to sell, transfer or deal with any of the assigned loan agreements and/or any judgment of any court arising out of them.

Prohibitions have also been placed on demanding payment or seeking to enforce the agreements, along with any attempt to discharge or pay out money in connection with them.

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