Anglo to challenge Quinn's bankruptcy
IRBC says Quinn is resident in Ireland
Businessman Sean Quinn's claim before the Northern Ireland courts of having his business address at Derrylin, Co Fermanagh, is "seriously at odds" with information available to his largest creditor, the Irish Bank Resolution Corporation, the Commercial Court was told this week.
IRBC, formerly Anglo Irish Bank, is to ask the Northern Ireland courts to overturn the bankruptcy of businessman Sean Quinn secured last Friday with no notice to the bank, which initiated proceedings here nine days earlier for summary judgment orders for more than €2 billion against him.
IRBC says that since it enforced its security over loans and since Mr Quinn's removal from the boards of Quinn Group (NI) Ltd in April 2010 and from Quinn Insurance Ltd in March 2010, he has been living at Greagrahan, Ballyconnell, Co Cavan and operating from offices at a disused tyre factory at Belturbet, Co Cavan.
IBRC's consistent understanding of the business of Sean Quinn is inconsistent with his claim his centre of main interest is Northern Ireland, the bank contends. Mr Quinn, it said, had consistently indicated his home is at Greagrahan, including in annual returns for 95 companies registered in the Republic of which he was a director and for 52 companies registered in the UK and Northern Ireland of which he was a director.
Mr Quinn now holds 14 directorships of companies registered in the Republic and no directorships in any active UK companies, the bank said.
Mrs Patricia Quinn, wife of Sean Quinn, had also indicated her home is at Greagrahan in proceedings by herself and her children against IBRC in which they claim that guarantees provided by them over loans of more than €2.3bn are invalid.
The bank said it has served demands on Mr Quinn personally at Greagrahan and most of those had been accepted at that address.
Mr Quinn and his son Sean Junior initially co-operated with accepting service of legal documents at the Gregrahan address during the early weeks of the bank's enforcement of its security but that relationship had broken down, the bank said. It had then moved to serve Sean Quinn personally at the Belturbet premises.
Two former executives in the Quinn Group - Dara O'Reilly and Kevin Lunney - also work with Sean Quinn at the Belturbet premises, IBRC claims. It also referred to media reports, which it said were "never officially substantiated", to the effect Mr Quinn was seeking to establish a new insurance company with the benefit of a Maltese insurance licence. The Belturbet address had a registered wireless licence of "Q2", it added.
The bank also claims Mr Quinn has been assisting his children with their legal actions against it and with their attempts to retain control of certain companies. Mr Quinn also remains a director of certain companies where the bank has been "thwarted" in seeking to enforce its security.
IBRC said its understanding is that the Quinn children are the ultimate beneficial owners of all the Quinn group companies and hold the shares in the holding company in each individual structure. Sean Quinn previously owned those shares and the bank said its understanding is that, under a shareholders agreement between him and his children, he can exercise an option over those shares before he turns 70.
For a detailed statement from Sean Quinn on the issue of his bankruptcy, see this week's Anglo-Celt newspaper.
