IBRC opposes Quinn application for asset disclosure extension

IBRC opposes Quinn application for asset disclosure extension

The High Court has today heard that bankrupt businessman Sean Quinn and his children are in breach of court orders obliging them to disclose details of their assets.

IBRC's lawyers are objecting to an application by the Quinns for more time to process all the necessary documentation.

At the end of July, Mr Justice Peter Kelly granted a range of orders to IBRC freezing the assets of the Quinns, bar living expenses, appointing receivers and directing full disclosure to the bank of the family's assets.

Sean Quinn, his children and two in-laws were to complete the disclosure process by August 13.

Today, their lawyers sought an extension until next Friday on the grounds that in excess of 20,000 documents held by their lawyers Eversheds have to be reviewed.

No ruling has been made as yet, but IBRC's barrister Mark Murphy has told Mr Justice Kevin Feeney that while the bank was amenable to a phased approach to discovery, it was never amenable to breaches of the court.

He said that IBRC does not accept the difficulties Eversheds have experienced in retrieving material and that the bank cannot consent to the application for an extension.

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