IBRC: Quinns have not done anything substantive to comply with court orders

Published: 3 Sep 2012 10:250 comments

Former Anglo Irish Bank denies claims made by Quinns

THE former Anglo Irish Bank has denied claims by the Quinn family that they are unable to undo steps taken to put multi-million euro assets beyond the reach of the bank, now known as the Irish Bank Resolution Corporation.

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The Commercial Court in Dublin made orders freezing the assets of the individual members of Sean Quinn's family in June following what they described as "grave concerns" on affidavits regarding the actions taken to place those international assets beyond the reach of the state-owned bank.

The Court then appointed a receiver over the Quinn family's personal assets and later following the findings of contempt of court made against Sean Quinn Snr, Sean Quinn Jnr and Peter Darragh Quinn, the High Court made orders requiring them to take steps to undo the scheme to place assets beyond the reach of IBRC, something the bank claims they have not done.

"Regrettably the Quinns have not done anything substantive to comply with those orders and their claims to the contrary are misleading," said IBRC, in a statement to The Impartial Reporter.

"The Quinn family did not dispute the facts set out by IBRC in support of those applications, although they had an opportunity to do so, but consented to the orders being made."

The Quinns, however, say they have done everything in their power to avoid the litigation dispute and have tried to reach an amicable resolution with the new management of Anglo. They claim numerous approaches and proposals have being rejected.

Last week the family were forced to instruct their legal team, Eversheds, to immediately withdraw from representing them due to their "financial position". They say they are annoyed and frustrated and claim the "disastrous scenario" has been "strategically orchestrated" by Anglo. They also say the bank has "done everything in their power to ensure that our challenge over the illegal loans advanced to our companies is never heard before the Irish courts."

In a statement issued to The Impartial Reporter the family said: "We are infuriated that Anglo who unlawfully seized control of our companies on the basis of these illegal loans continue to stand over them along with the banks past managements practices, notwithstanding that criminal charges have now being brought against Anglo's former executives."

"We therefore remain steadfast in our resolve to bring the main litigation to a successful conclusion, and are absolutely confident that justice will ultimately prevail.

"We would like to sincerely thank our solicitors Eversheds and Counsel for their unwavering support over the past two years and for their excellent service and professionalism, in what has been a very difficult and contentious case."

Responding to the news, a spokesperson for IBRC said: "It would be inappropriate for IBRC to speculate on the reasons for such withdrawal but notes that the Court has made express provision for the discharge of reasonable legal expenses in connection with the litigation being pursued and defended by the Quinn family."

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