Belfast Telegraph

Fugitive nephew of Sean Quinn is made bankrupt

By Dearbhail McDonald

The fugitive nephew of bankrupt Ulster businessman Sean Quinn has become the second member of the Quinn family to be made bankrupt by the former Anglo Irish Bank.

Peter Darragh Quinn, who faces immediate arrest in the Republic after being found in contempt of court orders not to interfere with the Quinn family's international property group (IPG), has been made bankrupt in Belfast.

The joint liquidators of the Irish Bank Resolution Corporation (IBRC), formerly known as Anglo, obtained the bankruptcy order against the Co Fermanagh man on September 8.

The dissolved bank petitioned the Belfast court last June on foot of a mammoth €145m (£114m) judgment it had obtained against Mr Quinn in the Commercial Court in Dublin last year.

The granting of the bankruptcy petition will allow the IBRC to pursue any assets held by Peter Darragh Quinn who was previously ordered – along with other members of the Quinn family – not to reduce them below €50m (£40m).

Mr Quinn, with an address at Sessiah East, Innishmore, Lisbellaw, was adjudicated a bankrupt after he failed to comply with a statutory order to repay the debt to the IBRC.

The $188m (£115m) Peter Darragh Quinn was ordered to pay the bank represents the "lost value" of the Kutuzoff Tower in Moscow, previously described as the family's most valuable asset. The Fermanagh businessman fled the jurisdiction two years ago after the High Court found that he, his uncle Sean Quinn snr and his cousin Sean Quinn jnr, were in contempt of court. The former head of the IPG remains the subject of an arrest warrant and faces a three-month jail sentence if he crosses the border.

But he cannot be extradited back to the Republic because the sentence related to a civil rather than criminal law matter.

Peter Darragh Quinn previously indicated that he is appealing the contempt finding to the European Court of Human Rights.

Mr Quinn snr was released from Dublin's Mountjoy prison in January 2013 after serving a nine week jail term. Sean Quinn Jnr had earlier served three months and purged his contempt last December when he secured a €210,000 (£166,000) loan charged against his Dublin home.

Belfast Telegraph


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