[Bankrupt] Sean Quinn ordered to repay €417 million

As noted on Monday, the Dublin Commercial Court ruling on 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 was due today.  And RTÉ reports the outcome

The amount Mr Quinn has been ordered to repay is the largest summary judgment amount ever entered in the courts here against an individual.

Mr Justice Peter Kelly granted the order for almost €417m as it relates to sums of money that Mr Quinn has admitted that he owes and are therefore undisputed.

He said it would require extraordinary circumstances if he were to refuse judgment for sums of money the defendant admits that he owes.

The judge said there was a powerful case for him to grant judgment for the rest of the money.

He said there was no suggestion of a defence to the claim.

However, out of courtesy to the official receiver, Mr Justice Kelly said he would adjourn it until Monday afternoon.

Interest in the continuing complicated legal battle now turns to the Northern Ireland courts where the IBRC are to challenge Sean Quinn’s application for UK bankruptcy.   And the Irish Times report tells us

Mr Justice Kelly reserved judgment on the adjournment application and today said he was satisfied entry of summary judgment would not affect the bankruptcy proceedings in Northern Ireland or impermissibly cut across the jurisdiction of the NI High Court when it deals with the bank’s application tomorrow to annul the bankruptcy.

The judge said it appeared the hearing to annul the bankruptcy would not take place until next year and noted any decision in that could be appealed.

He was satisfied the official receiver would not be prejudiced by the entry of summary judgment but the bank could be prejudiced were summary judgment refused.

In its summary judgment proceedings, the bank is seeking repayment of some €2 billion arising mainly from the businessman’s guarantees of loans to companies in the Quinn group.

The bank is also claiming €3 million summary judgment orders against Mr Quinn and his wife Patricia arising from personal borrowings. The proceedings against Mrs Quinn have been adjourned to next month.

Update  Hearing for IBRC’s application to annul Sean Quinn’s UK bankruptcy set for Belfast High Court on 19/20 December.

The bank claims full disclosure was not made when the former billionaire businessman declared himself bankrupt.

A High Court judge was also told more information was required on passports held by Mr Quinn and his tax affairs on both sides of the Irish border.

Mr Justice Deeny said Mr Quinn should be ready to give evidence himself.