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.

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  • aquifer

    “the Official Receiver in Northern Ireland who, following Sean Quinn’s application for UK bankruptcy, is currently in control of Quinn’s worldwide assets.”

    Quite a feat. The Quinns had property in all sorts of far off places.

  • Pete Baker

    Aquifer

    Are you missing some understanding of the situation?

    Such as IBRC’s argument that Sean Quinn has avoided ceding control of all of his assets by transfering them to members of his family and associates?

    That would be where the Official Receiver’s comments could come into play.

  • Skinner

    Pete

    Where do you find the argument that that Sean Quinn has avoided ceding control of all of his assets by transfering them to members of his family and associates?

    All that seems to be being reported at the moment is that the statement is “unsatisfactory” which could mean any number of things, and strikes me a very barristerly thing to say when you haven’t worked out your argument properly yet.

    Big headlines that don’t deliver and at the moment your blog is the same.

  • thethoughtfulone

    I read a few weeks ago that there were documented transactions of apartment blocks being sold to family members with a laptop computer as “payment” and such like.

    Another case of a portfolio of property in (I think but stand to be corrected) Spain which was “sold” to a relative for £1000 while being valued at several hundred million.

    Maybe when it becomes plain that most of his bad debt will end up as usual being ultimately picked up by taxpayers somewhere, the people that do so at present will wise up and stop viewing him as some sort of modern day hero.

  • Skinner

    Some apartment block for a laptop. Half of spain for a grand. And, “such like”.

    So, open and shut case there, then.

    Why don’t the people who are interested in these things try to get the details and then we can take a proper view, instead of writing news articles based on nothing more than a one-sided barrister saying a statement was “unsatisfactory”.

    Even if Quinn did sell his assets to family for minimal consideration, that doesn’t automatically mean he did anything unlawful. If in fact it turns out to be unlawful, there is recourse for the transactions to be reversed.

    The aim of journalists these days seems to be to get the reader to take up an entrenched position as early as possible, so that the scant facts they have bothered their lazy behinds to discover can be kneaded wide but very thin, and dressed with a generous splash of innuendo.