IBRC: “Today’s Commercial Court judgment gives clear, unambiguous recognition to the legal obligations of Mr Quinn…”

Following last week’s order to repay loans of almost €417 million that Sean Quinn had personally guaranteed, today the Dublin Commercial Court added additional loans worth over €1.6 billion to the bill.

The ruling was made at the Commerical Court in Dublin.

The total involves 1.52bn euros, $589m and 13 billion Japanese yen. Mr Quinn did not attend the proceedings.

The official receiver in charge of Mr Quinn’s bankruptcy in Northern Ireland indicated he would be making no application to challenge the order.

It’s the latest in a continuing complicated legal battle between Sean Quinn and the Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank.

From the Irish Times report

Paul Gallagher SC, for the bank, sought the orders in three different sets of proceedings against the businessman arising mainly from guarantees executed by him over loans, mostly issued to acquire properties in Ireland and overseas.

Mr Quinn was not in court for the hearing, which lasted about half an hour. The judge was told his lawyers had indicated earlier today to the Official Receiver that he would not be opposing the orders.

The Official Receiver had also decided he would not be opposing the bank’s application, his counsel Bernard Dunleavy indicated.

Mr Justice Kelly said he had read the vast documents in the case related to the various loans and guarantees and these displayed no evidence of any defence to the claims. He also noted no opposition was being advanced.

As the BBC report notes

The IBRC says the Quinn family are attempting to put assets beyond their reach and is pursuing legal action in a number of countries.

“Today’s Commercial Court judgment gives clear, unambiguous recognition to the legal obligations of Mr Quinn in relation to these guarantees and that is welcomed today by IBRC,” the bank’s chief executive Mike Aynsley said.

The battle will now move to the Northern Ireland Courts, specifically Belfast High Court on 19 December, where IBRC are to challenge Sean Quinn’s application for UK bankruptcy

The Irish Times has details of a statement from Sean Quinn

Mr Quinn said the bank’s attempt to overturn his bankruptcy was “further evidence of their disregard for public funds,” and suggested the IBRC was pursuing a “personal vendetta” against him.

“I have absolutely no doubt that maximising recovery is not Anglo’s first priority, due to their actions over the last couple of years,” he said.

“It is becoming all the more apparent, that there is absolutely no regard for the wasting of public funds to pursue pointless legal appeals which is of no possible financial benefit. It is clear that the motivation for this appeal is to ensure that I could never possibly create another single job again in my lifetime, as they may feel that this would be a PR embarrassment that they could not afford”.

Mr Quinn said the bank’s attempt to overturn his bankruptcy would not lead to gains for taxpayers.

“As Anglo has now taken control of all Quinn companies Anglo alone can now determine how much will be recovered,” he said.

Mr Quinn claimed ministers had interfered in the legal processes by attempting to persuade overseas Governments to intervene in ongoing legal cases abroad. The businessman said he was “shocked” by these actions, which he said were “an abuse of public office”. [added emphasis]

And from the RTÉ report

After the hearing IBRC said they remain committed to “fully contesting Mr Quinn’s application for bankruptcy in Northern Ireland and will do so at a hearing now scheduled for the 19 December”.

In a statement, Mr Quinn said he noted the judgment with “great disappointment”.

He said: “Anglo’s attempt to overturn my Bankruptcy is further evidence of their disregard for public funds.

“Considering, I was born, reared and worked every single day of my working life in Co Fermanagh, I find it more than surprising that Anglo are pursuing the first ever Appeal of this kind.

“This is an unusual step taken by Anglo, considering the proposed legislative changes which the Government has indicated will be introduced shortly.”

We’ll bring you the next instalment of this saga when it happens…

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