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Quinn assets to move to NAMA

Monday, 23rd December, 2013 12:25pm
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Quinn assets to move to NAMA
Quinn assets to move to NAMA

The family of Ballyconnell businessman Sean Quinn have lost a legal challenge seeking to prevent the transfer of Quinn Group assets from being moved to NAMA.

The local family had sought to a series of High Court injunctions stopping former Anglo Irish Bank/ IBRC from moving the assets to NAMA or disposing of them pending the hearing of their full action against the liquidated financial institution.

Refusing the family's bid to “ringfence” assets, Ms Justice Mary Finlay Geoghegan ruled the Quinns had only established an interest in six companies in the Quinn group and went on to find they had failed to establish any value in the shareholdings of those companies.

She further stated that as the family had failed to show they would suffer direct loss if the shares in the six companies were disposed off, they were no entitled to any such injunction.

Two of the six companies - Quinn Group (ROI) Ltd and Quinn Quarries Ltd - are in liquidation and the Quinns had failed to establish any value in the other four companies as of June 2013 last, when the injunction proceedings were initiated.

The four other companies are Quinn Finance Holding, Quinn Group Properties Ltd, Quinn Group Hotels Ltd and Slieve Russell Ltd.

 

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