Belfast Telegraph

Sean Quinn-linked firm fails in court bid

By Alan Erwin

A mysterious offshore company being sued over multi-million pound loan assignments on property linked to bankrupt ex-billionaire Sean Quinn has failed in a bid to have the judge hearing the case stand aside.

Lyndhurst Development Trading's application for Mr Justice McCloskey to recuse himself was stayed on the third day of contempt of court proceedings against two of its legal representatives.

The judge also refused to adjourn Irish Bank Resolution Corporation's bid to have the transfer set aside, pointing to Lyndhurst's “successive and serial failures” to comply with his directions.

He is now expected to hear the main arguments in the case during a potentially decisive stage of the proceedings today.

IBRC, the former Anglo Irish Bank, is locked in a legal battle for control of Mr Quinn's international empire as part of its attempt to recoup more than £2bn.

As part of that wider action Lyndhurst, registered in the British Virgin Islands, was prohibited from enforcing any loan agreement or dealing with debts surrounding a mall in Kiev under the terms of an emergency injunction granted in Belfast in the early hours of December 23.

But it is alleged the order was ignored at a hearing in Kiev.

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