Quinn Insurance in Administration

[supersarsfields]

And it rumbles on.

(Irish times)

The family of bankrupt businessman Sean Quinn has claimed the insolvency of Irish Bank Resolution Corporation means the courts must urgently lift orders freezing their accounts below €50 million each and preventing them transferring assets in their international property group. The bank's undertaking for damges on foot of which it got those orders is now "valueless", the family claim.

Alternatively, the family say the special liquidators of IBRC must lodge up to US$500 million dollars in court to meet any claim for damages should they win the case.

Mr Justice Peter Kelly said the matter was urgent and he would hear it next Monday. The price of an injunction is an undertaking for damages from the party seeking that injunction and it would be wrong to permit a "worthless" or "hollow" undertaking" from an insolvent entity, he said.

Aoife Quinn said in an affidavit it was clear from recent remarks of IBRC special liquidator Kieran Wallace any claim the Quinns may have on foot of the bank's undertakings for damages will rank as "an unsecured debt which Anglo will be unable to satisfy".

The freezing orders have caused considerable loss to her family and it is "no longer just, equitable or conscionable" that they remain in place, she said.

The orders had led to termination of standing orders and direct debits on the accounts of herself, her siblings and other family members which had led to non-payment of a range of expenses.

The "most striking example" was that mortgage payments on Sean Quinn jnr's home were not paid, despite the fact the account from which those payments was to be made was in credit, she said. KBC bank had appointed a receiver over that property, she added.

They were aso unable to contemplate new business ventures or employment, to maintain ordinary banking facilities and were delayed in getting the full legal advice necessary, Ms Quinn said.

The family claim the appointment earlier this month of special liquidators to IBRC, formerly Anglo Irish Bank, means it cannot honour its undertaking to pay them damages should it lose its case against them over alleged stripping of some US$455m assets from the IPG.

Therefore, they claim, the bank is not entitled to various orders obtained so far in its case, including orders of July 2011 restraining them transferring IPG assets and orders of July 2012 appointing receivers over their personal accounts and assets.

When Martin Hayden SC, for the Quinns, moved the family's application today, Shane Murphy SC, for IBRC, said he needed an opportunity to take instructions from the special liquidators on the issues raised. Mr Justice Kelly said he will hear the application next Monday.

[muppet]

And it rumbles on.

(Irish times)

The family of bankrupt businessman Sean Quinn has claimed the insolvency of Irish Bank Resolution Corporation means the courts must urgently lift orders freezing their accounts below €50 million each and preventing them transferring assets in their international property group. The bank's undertaking for damges on foot of which it got those orders is now "valueless", the family claim.

Alternatively, the family say the special liquidators of IBRC must lodge up to US$500 million dollars in court to meet any claim for damages should they win the case.

Mr Justice Peter Kelly said the matter was urgent and he would hear it next Monday. The price of an injunction is an undertaking for damages from the party seeking that injunction and it would be wrong to permit a "worthless" or "hollow" undertaking" from an insolvent entity, he said.

Aoife Quinn said in an affidavit it was clear from recent remarks of IBRC special liquidator Kieran Wallace any claim the Quinns may have on foot of the bank's undertakings for damages will rank as "an unsecured debt which Anglo will be unable to satisfy".

The freezing orders have caused considerable loss to her family and it is "no longer just, equitable or conscionable" that they remain in place, she said.

The orders had led to termination of standing orders and direct debits on the accounts of herself, her siblings and other family members which had led to non-payment of a range of expenses.

The "most striking example" was that mortgage payments on Sean Quinn jnr's home were not paid, despite the fact the account from which those payments was to be made was in credit, she said. KBC bank had appointed a receiver over that property, she added.

They were aso unable to contemplate new business ventures or employment, to maintain ordinary banking facilities and were delayed in getting the full legal advice necessary, Ms Quinn said.

The family claim the appointment earlier this month of special liquidators to IBRC, formerly Anglo Irish Bank, means it cannot honour its undertaking to pay them damages should it lose its case against them over alleged stripping of some US$455m assets from the IPG.

Therefore, they claim, the bank is not entitled to various orders obtained so far in its case, including orders of July 2011 restraining them transferring IPG assets and orders of July 2012 appointing receivers over their personal accounts and assets.

When Martin Hayden SC, for the Quinns, moved the family's application today, Shane Murphy SC, for IBRC, said he needed an opportunity to take instructions from the special liquidators on the issues raised. Mr Justice Kelly said he will hear the application next Monday.

Actually that looks so messy that it might lead to an agreement of some sort.

[sammymaguire]

It's been a total mess from Day 1.

[muppet]

It's been a total mess from Day 1.

Yea but I am referring to the new legal mess.

[supersarsfields]

So had the Quinns not moved assets, then the whole lot would have been over with Nama now and with no opportunity for them to pursue IBRC/ Anglo for damages.

[Rossfan]

So had the Quinns not moved assets, then the whole lot would have been over with Nama now and with no opportunity for them to pursue[s] IBRC/ Anglo[/s] The Taxpayers of the 26 Cos. for damages.

No matter what happens we lose as usual.

[supersarsfields]

Unfortunate that. But that's the decision that Messers Cowen and Co made.

[Rossfan]

I love the use of the word "unfortunate"  to describe a situation where my pocket will be robbed by the rich and famous to pay the rich including the "poor Quinns".
Blaming Cowen and Company is a bit like blaming the Guards if there's an increase in robberies.
However one good thing is that those people in the 6 Cos who are so enthusiastically backing the Quinns will also be paying for this mess after re unification 

[EC Unique]

I love the use of the word "unfortunate"  to describe a situation where my pocket will be robbed by the rich and famous to pay the rich including the "poor Quinns".
Blaming Cowen and Company is a bit like blaming the Guards if there's an increase in robberies.
However one good thing is that those people in the 6 Cos who are so enthusiastically backing the Quinns will also be paying for this mess after re unification 

So how much is this taking out of your 'pocket' then Rossfan?

[supersarsfields]

Don't worry I can think of other words if you'd prefer. You sound like your all for fair play and justice unless it's actually going to cost you. Then your principles aren't as strong are they.   

[Rossfan]

I love the use of the word "unfortunate"  to describe a situation where my pocket will be robbed by the rich and famous to pay the rich including the "poor Quinns".
Blaming Cowen and Company is a bit like blaming the Guards if there's an increase in robberies.
However one good thing is that those people in the 6 Cos who are so enthusiastically backing the Quinns will also be paying for this mess after re unification 

So how much is this taking out of your 'pocket' then Rossfan?

About €35 per week since 2009 and to continue till 2035 = €45,000 give or take an oul € here or there ( at 2013 prices). I presume th'oul pension will be reduced by then as well so ......

[Puckoon]

For many people principals and morality are directly proportional to costs incurred.

[Rossfan]

Don't worry I can think of other words if you'd prefer. You sound like your all for fair play and justice unless it's actually going to cost you. Then your principles aren't as strong are they.

I'm not sure what principles you refer to?
Maybe "people should pay their debts" perhaps or
Rich gamblers should pay their debts instead of getting the poor non gamblers to pay them so the rich gamblers can continue on their well padded lifestyle.
I don't see how the likes of the Quinn's getting the taxpayers to pay their debts is " fair play and justice".

[supersarsfields]

If the Quinns win their cases they wouldn't be asking you to pay their debts. Because it won't be their debt. It'll be Anglo's debt. So that's why I said take it up with Cowen. You don't seem to be following that.

[trileacman]

I love the use of the word "unfortunate"  to describe a situation where my pocket will be robbed by the rich and famous to pay the rich including the "poor Quinns".
Blaming Cowen and Company is a bit like blaming the Guards if there's an increase in robberies.
However one good thing is that those people in the 6 Cos who are so enthusiastically backing the Quinns will also be paying for this mess after re unification 

The law of the Irish state can't be suspended to appease your pocket Rossfan. The Quinns got fucked over illegally to the point that now IRBC/the Irish government realise they stand to encounter a humiliating defeat before the courts and are looking to settle. Should Frank McBreaty be denied the compensation paid to him by you the taxpayer because it's "taking money out of your pocket"?