A liquidator has been appointed to the former holding company behind Seán Quinn’s global business empire.
The decision by the Irish Bank Resolution Corporation to liquidate Quinn Group (ROI) was roundly condemned yesterday by Mr Quinn’s four daughters.
A new holding company, Quinn Group Holdco, has been set up to take control of the group. Receiver Kieran Wallace has replaced Mr Quinn’s wife, Patricia, and the five Quinn children, as the shareholders in the group. The decision means that the Quinn Group,previously owned by the five adult children of the bankrupt businessman, will cease to exist.
In a statement yesterday, Mr Quinn’s daughters said they were shocked and outraged at what they called a “calculated and sinister plan” to ensure the family would not be able to regain control of the businesses.
Signed jointly by Colette, Ciara, Aoife, and Brenda Quinn, the statement said: “It is truly devastating that the company our father spent a lifetime building in the local area has been divided up and distributed like spare parts. The company has been given away to foreign banks by Anglo who have no allegiance whatsoever to the local economy, its future growth and sustainability.
“This unnecessary liquidation compounds the wrongs perpetrated by Anglo who continue to decimate everything they touch while continuing to line the pockets of professional advisors and foreign bondholders in the process.”
In the statement, Mr Quinn’s daughters claim “this move marks a new low, even by Anglo’s standards and they continue to do everything in their power to delay, frustrate and hamper the progression of our case through the courts”.
Mr Quinn was declared bankrupt in Dublin in January after IBRC secured a judgment of €2.16bn against him on personal guarantees he had given on loans advanced by Anglo Irish to Quinn Finance, part of the Quinn Group.
The lenders to the Quinn Group and IBRC seized control of the Quinn Group on Apr 14, 2011.
Mr Quinn’s five adult children and his wife have issued legal proceedings over the appointment of a receiver to Quinn Group (ROI) and claim that €2.34bn of the loans provided by the former Anglo Irish Bank are invalid.
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