Quinns 'considering all options with legal team'

The Quinn family are considering all legal options and rumours abound that a challenge to the constitutionality of the new IBRC Act may be imminent. The legislation came up for mention in the Commercial Court last week when its implications on cases were discussed. At that sitting Quinn lawyers said they were concerned about the implications for their long-running action against IBRC, formerly Anglo Irish Bank, of the different treatment in the act of those who are suing Anglo and those being sued by it. It is understood, the act imposes a stay on all existing actions "against" IBRC but provides for no stay on actions taken by the bank. This could mean the family, who allege Anglo unlawfully put €2.3 billion in loans into Quinn companies, among others, could therefore bring a constitutional challenge to the act. Mr Justice Peter Kelly, when dealing with a separate matter, said the IBRC Act appears to give no power to the courts to lift the statutory stay, halting all existing proceedings against IBRC. He said the stay is "in absolute terms" and that the act disapplied the court's discretion to lift it, but added there was "a very wide definition" of legal "proceedings" in the act. The Quinns are alleging they are not liable for €2.34 billion loans to Quinn companies in 2008 because they were unlawfully done to shore up the bank's plummeting share price. That action is for mention today (Monday, February 11). This morning the Quinn family would only confirm they were "considering all options" with their legal team.