Quinn Insurance in Administration

[Doogie Browser]

He's not involved anymore Doogie. The company was stripped from him and there is alot of bad feeling in the community regarding the way it was done and the reasons behind it. I'd imagine this is more of a protest against the current management.
It's very unfortunate as I believe the new CEO/ MD was planning a meeting in the canteen today to share his views of where he would like to take the company and his plans for the future.

That's what I was thinking as I was sure the people of the area would not attack SQ like that.

[Bingo]

Maybe the driver got a bad feed in the canteen.

[orangeman]

Some bad drivers down there !!!!!!

[sammymaguire]

Those posts refer to a new business in Belturbet - on the news last night it said the unit put under surveillance was in Derrylin, and the footage showed Derrylin.

Sammy, dont blame yourself, if those lads are on here I'm sure they've seen the horse racing thread too, and so would have known not to place much reliance on any info you had   

good man haran, fair play!! 

[haranguerer]

Those posts refer to a new business in Belturbet - on the news last night it said the unit put under surveillance was in Derrylin, and the footage showed Derrylin.

Sammy, dont blame yourself, if those lads are on here I'm sure they've seen the horse racing thread too, and so would have known not to place much reliance on any info you had   

good man haran, fair play!! 

[AQMP]

http://www.bbc.co.uk/news/uk-northern-ireland-16308569

Sean Quinn fails in bankruptcy legal application

Sean Quinn has failed in a legal bid to have new bankruptcy proceedings against him in the Irish Republic put on hold.

A Belfast High Court judge refused his request to restrain the former Anglo Irish Bank from serving him a summons.

With the injunction application denied, papers are now set to be served at his home in Ballyconnell, County Cavan.

However, the bank - renamed the IBRC - said it would not try to bankrupt Mr Quinn until the conclusion of a related legal case in Belfast.
In that case IBRC (Irish Bank Resolution Corporation) are trying to have the former billionaire businessman's Northern Ireland bankruptcy annulled.

Mr Quinn declared himself bankrupt in November over an alleged £2bn debt owed to the bank.

This week the bank argued that the Northern Ireland bankruptcy was invalid as Mr Quinn's so-called 'centre of main interests' was outside Northern Ireland.

It said that by declaring himself bankrupt north of the border it added cost and complexity to their attempts to recover the money they are owed.

During this week's case, the bank said it would bankrupt Mr Quinn in the Republic if they manage to overturn the Northern Ireland bankruptcy.

The latest court appearance shows they are making preparations to do so.

In court in Belfast on Thursday it emerged that a bankruptcy summons was drawn up in Dublin last week.

Mr Justice Deeny declined to grant an injunction after being told IBRC would ask for the southern case to be adjourned until he has ruled on the attempt to have the tycoon's bankruptcy in Northern Ireland annulled.

By declaring bankruptcy in Northern Ireland, it means Mr Quinn only has to wait 12 months before going back into business - rather than 12 years in the Republic.

The businessman's barrister, Paul McLaughlin, had urged the court to restrain the IBRC action pending a further order.

He claimed the bank was attempting to divert attention in the case to the Republic.

David Dunlop, for IBRC, argued that Mr Quinn's application was misconceived.

He stressed there was no attempt by his client to "abdicate" the jurisdiction of the High Court in Belfast.

Mr Dunlop confirmed that no attempt would be made to have any petition determined until the centre of main interest issue was resolved.

Mr Justice Deeny held that there was no basis for concluding the bank was acting in bad faith.

He said: "They have said they will commence proceedings but will not take the crucial step of seeking an order of bankruptcy in the Republic until the determination of the annulment application before this court.

"On those grounds I refuse the application."

[supersarsfields]

D Day today with regards the Bankruptcy. Fully expect it to be overturned based on the centre of interests. Not that it will make that big a difference to anything.

[Tubberman]

Bankruptcy in NI annulled 

http://www.rte.ie/news/2012/0110/quinns.html

The Irish Bank Resolution Corporation has succeeded in having Seán Quinn's bankruptcy status in Northern Ireland annulled.

Judgement in the case at Belfast High Court was given by Mr Justice Donal Deeny this morning.

The IBRC had argued that Mr Quinn's centre of main interest
was in the Republic of Ireland and not north of the border.

When he successfully sought bankruptcy status from the Belfast court in November, Mr Quinn claimed that he was operating from an office in Co Fermanagh.

During its challenge last month the IRBC claimed that a European Directive that applies in insolvency cases stipulates that a person's centre of main interest has to be ascertainable to third parties, such as creditors.

[AQMP]

http://www.bbc.co.uk/news/uk-northern-ireland-16488305

Fermanagh businessman, and former billionaire, Sean Quinn was not entitled to declare himself bankrupt in Northern Ireland, a court has ruled. Mr Quinn declared insolvency in Belfast in November over a huge debt owed to the former Anglo Irish Bank. The bank, now called IBRC, challenged the move on the grounds that Mr Quinn was based in the Republic of Ireland. At the Hugh Court on Tuesday Mr Justice Deeney found in favour of the bank, annulling the bankruptcy. He found that a lease for an office in Derrylin, County Fermanagh, had been drawn up to "bolster" Mr Quinn's claim and that his centre of interests prior to bankruptcy was in fact in the Republic of Ireland between his home in County Cavan, offices in Belturbet and advisors offices in Dublin. The judge described the Derrylin lease as "a somewhat curious document". Mr Quinn could now be declared insolvent in the Republic of Ireland which has a more onerous bankruptcy regime. The judge ordered that if Mr Quinn files a fresh bankruptcy petition in Northern Ireland, notice should be given to the bank's solicitor in Belfast.Mr Justice Deeney said it was likely that any future bankruptcy action by Mr Quinn would be referred to him.The bank's barrister, Gabriel Moss QC, said Mr Quinn was now "bound to be made bankrupt" in the Republic of Ireland.  Mr Moss is also seeking disclosure of who was funding Mr Quinn's legal action so that they can be pursued for costs

[orangeman]

Does this make any difference to the overall outcome ?

[supersarsfields]

Not a pile of difference to be honest OM. Stops SQ going into business for 12 years instead of 1. And Anglo say it will reduce their legal costs by having it in the ROI. Has no effect whatsoever on the money to be recouped or their chances of getting it.

[Doogie Browser]

Was about face saving for Anglo, nothing else.

[whiskeysteve]

the hubris over on politics.ie is pathetic. great day for ireland, etc. anyone who thinks this is a victory for the irish electorate is sorely naive.

maybe anglo will create jobs with the money they recoup 

a nice result for the powers that be as they gear up to divert the savings from the last budget to the pockets of senior unsecured bondholders on the 25th this month (1.25 billion).

i am reminded of the tagline for Alien vs Predator: Requiem - "Whoever wins, we lose"

[mylestheslasher]

The man with one of the best job creation track records is now out of business for 12 years. Just what we need in these times. This country really is ruled by idiots.

[supersarsfields]

To be honest I don't think this ruling will make that much of a difference. If the Quinns come away from this with any sort of finance then he'll still be involved in business development even if his name isn't on it. But that's what Anglo will want. anything to stop him looking successful in the future will be a bonus for them.