Quinn judgement in new year

Editorial Department • Published 22 Dec 2011 13:00

Judgement has been reserved in the High Court action where the Irish Bank Resolution Corporation is attempting to have the bankruptcy of Fermanagh businessman, Sean Quinn annulled.

The crux of the High Court action by the former Anglo Irish Bank is whether Mr. Quinn's main "centre of interest" was north or south of the Border. The IBRC wants the voluntary adjudication annulled on the basis that his centre of main interest was south of the Border.

After voluntarily being granted bankruptcy in Northern Ireland in the autumn, Mr. Quinn has been disqualified from setting up business for a year under legislation in Northern Ireland.

After the two-day hearing this week, Mr. Justice Deeny said he would give his judgement in the New Year.

The High Court in Belfast had heard how the former Anglo Irish Bank had instructed a security firm to watch a Belturbet factory after Mr. Quinn and some associates were seen there.

Mr. Quinn said it was untrue that he was running the business from there and that he had been operating from Derrylin Enterprise Park since May this year. His barrister, Mark Orr QC claimed that the affairs of the Quinn family were conducted from Derrylin and it was custom and practice for the bank to send all Quinn family correspondence to the former Quinn HQ in Derrylin.

He added that Mr. Quinn quickly sought to establish a new office in the Derrylin Enterprise Park. He also said that Mr Quinn had a UK National Insurance number and was drawing a UK state pension.

However Gabriel Moss QC, for the bank, said in reply to a suggestion that a second bankruptcy in Northern Ireland could be applied for, that it would not be straightforward for Mr. Quinn to pursue a second bankruptcy in the circumstances.

Mr. Quinn said afterwards: "I shouldn't have put all my eggs in one basket, I shouldn't have bought so many shares. I got so involved and shouldn't have believed in the hype of the Anglo thing."

Meanwhile, Sean Quinn's wife, Patricia has been ordered to repay more than 3m euro to the former Anglo Irish Bank. Mrs. Quinn served as a director of more than 90 Quinn companies but claimed she was a housewife and mother.

Tweet

This article appeared in Impartial Reporter 22 Dec 11

Return to the main index, get more from this section or browse our News archives.