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24/11/2011
Quinn Ordered To Repay €417M
Troubled businessman Seán Quinn must repay €417m to the Irish Bank Resolution Corporation (IBRC), following an order by the Commercial Court on Wednesday.
The court granted summary judgment against Mr Quinn to IBRC, formerly Anglo Irish Bank, as part of the ongoing hearing into dealings between the bank and one of Ireland's former richest residents.
The bank's attempt to claim a further €1.6bn has been adjourned until next Monday to give the official receiver in charge of Mr Quinn's bankruptcy in Northern Ireland a further chance to challenge the claim.
Earlier this month, Belfast's High Court granted the 64-year-old insurance broker and construction entrepreneur a voluntary adjudication over an alleged €2.8bn (£2.4bn) debt owed to Anglo Irish Bank, now IBRC.
The Fermanagh man, who began a huge multi-faceted business with a local cement works was once worth €4.72bn (£3.7bn) at the height of his business success.
In a statement, Mr Quinn said he had done "absolutely everything in my power to avoid taking this drastic decision" and claimed the bank and the Government were "intent on making scapegoats of my family and I".
Mr Quinn accepted debts of some €194m to the Irish Bank Resolution Corporation (the now nationalised AIB and Irish Nationwide Building Society) for property loans, but disputed the rest of an alleged €2.8bn debt, relating to Contracts for Difference (CFDs) used to buy Anglo Irish bank shares.
In a statement on their website, the IBRC said: "IBRC notes Sean Quinn's application in Belfast for bankruptcy in the United Kingdom. Mr Quinn and his family, who live in Co Cavan, owe the Irish State, through IBRC almost €2.9bn.
"The Bank is examining the validity of this application for bankruptcy in the light of Mr Quinn's residency and extensive business interests and liabilities within the State.
"The mandate of IBRC is to recover as much of the debts as possible on behalf of the Irish taxpayer and IBRC will continue to pursue maximum recovery of his debt."
Mr Quinn was stripped of his manufacturing and insurance business empire in April. Receivers then moved in removing he and his family from control of the Quinn Group.
(DW/BMcC)
The court granted summary judgment against Mr Quinn to IBRC, formerly Anglo Irish Bank, as part of the ongoing hearing into dealings between the bank and one of Ireland's former richest residents.
The bank's attempt to claim a further €1.6bn has been adjourned until next Monday to give the official receiver in charge of Mr Quinn's bankruptcy in Northern Ireland a further chance to challenge the claim.
Earlier this month, Belfast's High Court granted the 64-year-old insurance broker and construction entrepreneur a voluntary adjudication over an alleged €2.8bn (£2.4bn) debt owed to Anglo Irish Bank, now IBRC.
The Fermanagh man, who began a huge multi-faceted business with a local cement works was once worth €4.72bn (£3.7bn) at the height of his business success.
In a statement, Mr Quinn said he had done "absolutely everything in my power to avoid taking this drastic decision" and claimed the bank and the Government were "intent on making scapegoats of my family and I".
Mr Quinn accepted debts of some €194m to the Irish Bank Resolution Corporation (the now nationalised AIB and Irish Nationwide Building Society) for property loans, but disputed the rest of an alleged €2.8bn debt, relating to Contracts for Difference (CFDs) used to buy Anglo Irish bank shares.
In a statement on their website, the IBRC said: "IBRC notes Sean Quinn's application in Belfast for bankruptcy in the United Kingdom. Mr Quinn and his family, who live in Co Cavan, owe the Irish State, through IBRC almost €2.9bn.
"The Bank is examining the validity of this application for bankruptcy in the light of Mr Quinn's residency and extensive business interests and liabilities within the State.
"The mandate of IBRC is to recover as much of the debts as possible on behalf of the Irish taxpayer and IBRC will continue to pursue maximum recovery of his debt."
Mr Quinn was stripped of his manufacturing and insurance business empire in April. Receivers then moved in removing he and his family from control of the Quinn Group.
(DW/BMcC)
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01 November 2012
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.
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.
09 November 2012
Arson Attack On Quinn Windfarm
An arson attack has been carried out at Quinn Group premises in Derrylin, County Fermanagh. The incident occurred yesterday evening between 18:00 and 19:00 when an electrical substation at a windfarm was set on fire. No-one was injured but the substation is thought to have been severely damaged.
Arson Attack On Quinn Windfarm
An arson attack has been carried out at Quinn Group premises in Derrylin, County Fermanagh. The incident occurred yesterday evening between 18:00 and 19:00 when an electrical substation at a windfarm was set on fire. No-one was injured but the substation is thought to have been severely damaged.
02 November 2012
Sean Quinn Jailed For 9 Weeks
Sean Quinn has been sentenced to nine weeks in jail for contempt of court. The sentencing sees the culmination of a high-profile legal battle between the Quinns and bailed-out bank Anglo Irish over claims of asset-stripping by the former billionaire. Sentencing at Dublin High Court is expected to occur at 13:00.
Sean Quinn Jailed For 9 Weeks
Sean Quinn has been sentenced to nine weeks in jail for contempt of court. The sentencing sees the culmination of a high-profile legal battle between the Quinns and bailed-out bank Anglo Irish over claims of asset-stripping by the former billionaire. Sentencing at Dublin High Court is expected to occur at 13:00.
02 August 2012
Peter Darragh Quinn 'Will Stay In NI' To Avoid Jail
Peter Darragh Quinn's father has said his son will not return to the Irish Republic, where a warrant is out for his arrest, because he has no chance of getting "fair play or justice".
Peter Darragh Quinn 'Will Stay In NI' To Avoid Jail
Peter Darragh Quinn's father has said his son will not return to the Irish Republic, where a warrant is out for his arrest, because he has no chance of getting "fair play or justice".
15 April 2011
Quinn Barred From Own Insurance Firm
A leading Irish entrepreneur is to loose control of the insurance business he personally founded after it ran into financial problems. Sean Quinn and his family will no longer have any role in the management of the Quinn Group following a restructure.
Quinn Barred From Own Insurance Firm
A leading Irish entrepreneur is to loose control of the insurance business he personally founded after it ran into financial problems. Sean Quinn and his family will no longer have any role in the management of the Quinn Group following a restructure.
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