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23/02/2012
Quinn Family Win Preliminary Ruling Against IBRC
The High Court in Dublin has ruled that the family of Fermanagh-born businessman Sean Quinn can continue with their legal battle.
Mr Quinn’s wife and five children are challenging the demands made by the Irish Bank Resolution Corporation (IBRC) to repay loans totalling €2.3 billion.
The basis of the family’s case is that they allege Anglo Irish Bank lent them more than £2bn for the illegal purpose of increasing its own share price.
The court ruled that Patricia Quinn and the couple's five children were entitled to make arguments that the IBRC breached market abuse regulations and company legislation in its loans to the family, in their action against the bank.
The Background
Businessman Sean Quinn was declared bankrupt in the High Court back in January.
Mr Quinn had his bankruptcy status in Northern Ireland annulled days before this ruling and accepted the decision which was brought by the IBRC over debts of approximately €2bn.
The former billionaire is no longer bankrupt in the UK.
Mr Quinn's business empire collapsed over the past two years after bank shares he purchased became worthless.
(LB)
Mr Quinn’s wife and five children are challenging the demands made by the Irish Bank Resolution Corporation (IBRC) to repay loans totalling €2.3 billion.
The basis of the family’s case is that they allege Anglo Irish Bank lent them more than £2bn for the illegal purpose of increasing its own share price.
The court ruled that Patricia Quinn and the couple's five children were entitled to make arguments that the IBRC breached market abuse regulations and company legislation in its loans to the family, in their action against the bank.
The Background
Businessman Sean Quinn was declared bankrupt in the High Court back in January.
Mr Quinn had his bankruptcy status in Northern Ireland annulled days before this ruling and accepted the decision which was brought by the IBRC over debts of approximately €2bn.
The former billionaire is no longer bankrupt in the UK.
Mr Quinn's business empire collapsed over the past two years after bank shares he purchased became worthless.
(LB)
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Quinns Due Back In Court
Sean Quinn and his son are due back in a Dublin court later as the inquiry continues as to whether or not the former billionaires have complied with court orders. Sean Quinn was once the richest man in Ireland, but declared himself bankrupt last year.
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Sean Quinn and his son are due back in a Dublin court later as the inquiry continues as to whether or not the former billionaires have complied with court orders. Sean Quinn was once the richest man in Ireland, but declared himself bankrupt last year.
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Northern Ireland WeatherThis Evening and Tonight:A largely dry evening and night. It will be mostly cloudy, but a few clear spells are possible in the east during the evening. Some patchy rain across the west shortly before dawn. Minimum temperature 5 °C.
