Quinn in fight to be UK bankrupt
Irish bank to whom he owes €2bn argues Fermanagh is not his centre of interest
Bust entrepreneur Sean Quinn will attend court in Belfast next month to defend his decision to go bankrupt in Northern Ireland.
Irish Bank Resolution Corporation (IBRC), to which Mr Quinn owes around €2bn (£1.7bn) is challenging the Fermanagh man over going bust on this side of the border.
In a separate action the bank formerly known as Anglo Irish obtained judgment for €416m (£360m) against the founder of the glass-to-hotels empire on Wednesday.
It will seek judgment for a further €1.7m (£1.5m) in Dublin’s Commercial Court on Monday.
Mr Quinn’s insolvency adviser John Gordon of Napier & Sons solicitors has said his client was entitled to go bankrupt in Northern Ireland — and avail of the UK’s more lax bankruptcy regime —because the centre of his main interests is located in Derrylin, Co Fermanagh.
But lawyers for IBRC, which has instructed Toby McMurray of Tughans Solicitors in Belfast, said they had evidence refuting that his centre of main interests is in Co Fermanagh.
Mark Horner QC for IBRC told Mr Justice Deeny in Belfast’s Chancery Court yesterday that it was “a matter of considerable urgency” to resolve its application to challenge the bankruptcy.
He claimed there was “not full disclosure” of Mr Quinn’s business interests when the application was made for bankruptcy.
But Paul McLaughlin,barrister for Mr Quinn, requested more time to gather the evidence of the centre of main interests.
“There would need to be an explanation of some of the companies, how they have been run and whether they were run from... It would take time to put it all together so that the court can see the whole picture.”
Mr Justice Deeny said: “The court should have been given that full picture when it was before the Master.”
The bank is expected to argue that as Mr Quinn’s habitual residence is in Co Cavan, also the address of his bankruptcy petition, that address represents the centre of his main interests.
Mr Justice Deeny said Mr Quinn’s replying affidavit would be considered before it was decided whether it would be necessary for him to give oral testimony. Mr Quinn’s affidavit is to be filed on December 7 with any rejoinder by IBRC to be filed on December 14. The case will be heard on December 19 and 20.
IBRC has instructed two QCs and one junior counsel to fight the case. Representatives of the IBRC’s Dublin lawyers, McCann Fitzgerald, also attended yesterday’s hearing.
A bankrupt in the UK is disqualified from business for one year.
In the Republic a bankrupt cannot get involved in business for 12 years.
Belfast Telegraph
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