Quinn Insurance in Administration

[deiseach]

If the debts are written of due to their illegality it means the take over of the Group and the foreign properties were illegal. They would surrender any right over these assets and will be liable for all costs inccurred through the process including loss of business. This is what the Children's court cases are aiming for.

I see. I doubt if those assets are worth anywhere near €2.8 billion but I take the general point

[supersarsfields]

More than likely not. I'd imagine foreign assets are £500M+, Glass would prob be around £400M and not too sure what the rest would add up to. But granted it would struggle to add up to £2.8Billion.

[orangeman]

Sean Quinn in court today with the threat of jail over contempt proceedings.


She's couped boys I'm telling you she's couped !

[AQMP]

$45m debt transfer was 'a charade'

http://www.bbc.co.uk/news/uk-northern-ireland-17943358


A $45m property debt transferred from one of Sean Quinn's companies was part of an "orchestrated, elaborate and illicit charade" a High Court judge said on Thursday.  Mr Justice McCloskey was ruling on a case concerning debts connected to a Ukrainian shopping centre.  Disputed transactions are to be declared void and control returned to the former Anglo Irish Bank.  A chain of loan assignments was under scrutiny in the case.

The judge's ruling strengthens the renamed Irish Bank Resolution Corporation's (IBRC) ongoing attempt to recoup the £2bn plus it claims to be owed.  Proceedings were issued against the British Virgin Islands-registered Lyndhurst Development Trading in order to seize control of the shopping centre in the Ukrainian capital Kiev.  The bank claimed assets were stripped to prevent it securing money it was owed.

Fermanagh-based firm Demesne Investments, of which Mr Quinn is a former director, had been owed $45m (£27.8m) by Univermag, the Ukrainian owners of the shopping centre.  But in April 2011, Demesne transferred its rights to the debt to Innishmore Consultancy, another Northern Ireland company run by Mr Quinn's nephew Peter Quinn.  From there the loan was transferred on to Lyndhurst last October.

Lawyers for IBRC argued that the assignment was a sham, carried out at a massive undervalue and not worth the paper it was written on.  No defence was offered in the case after Lyndhurst's legal team came off record.  Delivering judgment today, Mr Justice McCloskey said: "The abrupt, unexplained and prima facie irrational assignment of a company asset, the $45m debt of which Demesne was the beneficiary, for nothing, or at most something truly minimal, speaks for itself.  "When considered in conjunction with the other related impugned transactions, it is patent that the participants were indulging in an orchestrated, elaborate and illicit charade," he said.  "Based on the available evidence, this exercise had no purpose other than to put this asset beyond the reach of legitimate creditors and/or to prejudice their interests."

According to his assessment, the bank were the victims of the assignments and eligible for an appropriate remedy.  An order is expected to be drawn up next week which will declare all of the disputed transactions null and void.  Demesne is set to be confirmed as solely entitled to the debts, thus putting them back within the reach of the bank.

[Smokin Joe]

10.35pm tonight on BBC1 - Spotlight; The Hunt for Quinn's Millions

Will be interesting I'd say

[orangeman]

Here's a taster -

Sean Quinn Spotlight tracks down company
An investigation by BBC NI's Spotlight into Sean Quinn's empire has tracked down the headquarters of a company that controls more than $100m-worth of assets belonging to Irish taxpayers.

Jim Fitzpatrick travelled to Belize on the hunt for a company that has laid claim to the millions.

Mr Quinn went bankrupt in January owing 2.8bn euros to the Anglo Irish Bank.

It hoped to recover around 500m euros through sales of Quinn Group's international property portfolio

However, the bank, now nationalised and called Irish Bank Resolution Corporation, soon discovered that it had lost control of these valuable assets.

The business empire Sean Quinn built up was itself effectively nationalised last year, leaving taxpayers to inherit the massive debts.

In Ukraine, the bank's appointed property director is locked out of the valuable shopping mall it owns.

Spotlight spoke to Rostislav Levinzon outside the $60m shopping centre in Kiev, but like him could not get inside.

Security guards interrupted filming and told the production team to leave.

Mr Levinzon described how the management team, which the bank dismissed, called police to remove him whenever he tried to take charge.

They arrived with assault rifles.

Mark Rachkevych, a journalist with the Kiev Post, told the programme how that first encounter made the headlines.

"It was embarrassing for everybody there because the management office is next to the bowling alley and this was afternoon time, when a birthday for kids was taking place and mothers saw people with flak vests, helmets and AK47s come in, and they were shocked at seeing this.

"So this is bad for business, whoever is in charge of that place," he said.


Rostislav Levinzon is locked out of a Kiev property he was appointed to The dismissed management remain in charge and Mr Levinzon remains locked out.

Meanwhile, the bank is losing almost $1m a month in rent due to Irish taxpayers.

The programme uncovers documentary evidence in Sweden which demonstrates that Sean Quinn was part of a secret boardroom coup which put him back in charge of the property empire weeks after he had been dismissed from the Quinn Group.

And in Belize, where the biggest slice of taxpayers' money is now tied up, Spotlight finds its surprising home.

[unitedireland]

In Sean we trust

[orangeman]

Here we go.

BBC 1 now.

[Lecale2]

Great chance for a local BBC production team to visit central America.

[orangeman]

The sums lent to Quinn by Anglo €2.8billion are staggering.

[Tony Baloney]

Sean looks like some boy.

[orangeman]

Not a lot of firm evidence against Sean Quinn here. Plenty of speculation.

Can't see Sean, his son or Peter doing time here.

Jim fancies himself as a Darragh Mc Intyre type.

When does the Quinn case against the bank come up ?.

[shezam]

6th June.

http://www.bbc.co.uk/news/uk-northern-ireland-18075693

[supersarsfields]

Naw that's the contempt case date. The Quinn v Anglo one won't be til next year.

[Radda bout yeee]

Does anybody really care if Sean Quinn keeps a lock of pound he did do alot for alot of people.
I think the sentence which sums up the whole programme is when the reporter said the judge gave the quinns time off for Sean jrs wedding! Lol