Bankrupt Sean Quinn fails to unfreeze injunctions
THE High Court in Dublin has refused applications by bankrupt businessman Sean Quinn and eight of his family members to discharge injunctions stopping them from dealing with assets of a number of Quinn companies.
Mr Justice Michael Peart said yesterday that the balance of justice favoured leaving in place all the injunctions freezing family and company bank accounts.
The judge ordered the Irish Bank Resolution Corporation, in what is known as the Quinn conspiracy to put assets beyond the reach of the bank, to lodge €5m (£435,156) in court to "fortify" undertakings IBRC had given to the court as to damages prior to the bank having been liquidated.
The applications to quash the injunctions were made by Sean, Ciara, Colette, Brenda and Aoife Quinn and Sean Quinn junior, as well as Niall McPartland and a number of internationally-based Quinn companies.
Judge Peart said the Co Fermangh-based Quinn family and associated companies had sought to have the injunctions discharged on the basis that the undertakings as to damages were worthless once IBRC became insolvent, unable to pay its debts and in liquidation.
The family members claimed the €5m payment into court offer was hopelessly inadequate to satisfy any claim arising in the event it was concluded that the injunctions ought never to have been granted.