IBRC urges Quinn hearing

A judge has been asked by State-owned IBRC to direct that the Quinn family’s action aimed at avoiding liability for €2.34bn loans should open as soon as possible this year.

The case, initiated four years ago, was listed for trial on three previous occasions but deferred each time, the latest deferral to January 2016.

The deferrals were granted by the Commercial Court on the application of the DPP who had concerns the case could affect separate criminal proceedings against various executives and officials of Anglo Irish Bank, IBRC’s predecessor in title.

The Quinns’ case was last listed to open on June 3 but was put off to January 2016 in the context of criminal proceedings against former Anglo chairman Sean Fitzpatrick, due to start last October but later deferred to May 2016.

At the Commercial Court yesterday, Paul Gallagher SC, for IBRC, asked the Quinn case should go ahead earlier than January and as soon as possible.

Mr Gallagher noted Mr Fitzpatrick’s trial had been further adjourned to May 2016 and said IBRC was very anxious the Quinn case be dealt with.

Martin Hayden SC, for the Quinns, said his side also wanted the case to proceed but had concerns the DPP might again seek to halt it because of other proceedings against various officers and executives of Anglo.

The judge said he would hear IBRC’s application for an earlier hearing next week and indicated there may be a date available in early December should the application be granted.

He also asked an affidavit be provided by the DPP outlining her position on the application and setting out her view on any overlap between this case and the other proceedings.

Paul O’Higgins SC, who was in court for the DPP, said that affidavit would be provided. The judge fixed October 14 for the hearing of IBRC’s application.

Last July, the Quinns and IBRC agreed to mediation of their dispute over liability for loans of €2.34bn made by Anglo to several Quinn companies. No details concerning the mediation were provided to the court on Wednesday.

Preparations for the hearing of the action by Patricia Quinn and her five children continued alongside the mediation.

They allege some €2.34bn loans made by Anglo to various Quinn companies were for the unlawful purpose of propping up the bank’s share price.