Quinn €2.34bn Anglo loan case set for 2015

The action by bankrupt Ballyconnell businessman Sean Quinn’s family who deny liability for €2.34bn worth of loans advanced by the former Anglo Irish Banks to Quinn companies could take place as early as April next year.

Yesterday, Justice Peter Kelly gave the direction the case against Anglo’s successor, Irish Bank Resolution Corporation (IBRC), and its special liquidator Kieran Wallace could recommence, after it was adjourned so as not to prejudice criminal proceedings against three former Anglo executives.

Sean Quinn and two former senior Quinn Group executives, Dara O’Reilly and Liam McCaffrey have also been joined to the action by as notice parties.

Justice Kelly further approved a timetable for the discovery and exchange of legal documents in a case which is seen will last up to nine months, with the costs running into tens of millions of Euro.

Martin Hayden SC, acting on behalf of the Quinn family said they apply to have the Commercial Court fast-track their separate action brought against the Central Bank, in its capacity as financial regulator; Department of Finance; and several former Anglo executives over the making of the loans.

That separate action was filed last year after the family studied some 250 hours of transcripts of phone conversations dating from 2007 between Anglo, the Department and Central Bank concerning matters arising from Sean Quinn’s building up a stake in the bank to over 29 per cent.

Meanwhile, a €100m plus bid for a majority of the former Quinn-owned manufacturing businesses by the Quinn Business Retention Group earlier this month is “progressing” according to local sources.

The locally led consortium, of which Mr O’Reilly and McCaffery are directors, lodged a bid for all of the manufacturing businesses in the newly rebranded Aventas, except for the glass factory.

However, there is little further detail regarding further discussion between QBRC and Aventas and its advisor, Lazard though as negotiations are kept under wraps.