Sean Quinn’s statement of affairs to NI Court ‘appeared to be unsatisfactory’

That’s according to reported comments by lawyers for the Official Receiver in Northern Ireland who, following Sean Quinn’s application for UK bankruptcy, is currently in control of Quinn’s worldwide assets.

The comments were made during a Dublin Commercial Court hearing on an application by the Irish Bank Resolution Corporation (IBRC) for the repayment of €2billion in loans which had been personally guaranteed by Sean Quinn.  From the RTÉ report

The Irish Bank Resolution Corporation told the Commercial Court the action for judgment should go ahead today despite the fact that Mr Quinn was adjudicated a bankrupt in Northern Ireland just over a week ago.

The bank is bringing an application to the Belfast court to have the bankruptcy annulled.

That application will come before the High Court in Belfast on Thursday.

Lawyers for the official receiver said the action for judgment should not go ahead in advance of Thursday’s hearing.

Barrister Bernard Dunleavy, for the official receiver, also said the statement of affairs furnished by Mr Quinn in the bankruptcy application appeared to be unsatisfactory. [added emphasis]

However, lawyers for the bank said the court should go ahead and grant judgment against Mr Quinn as this judgment would not affect the bankruptcy proceedings in Northern Ireland or its own challenge to them.

A decision is expected on Wednesday.