Quinns and IBRC agree on variations of freezing orders

Members of Seán Quinn’s family may deal with certain bank accounts and shareholdings and regain control of their cars provided they disclose material sought by the receiver appointed over their assets under an agreement reached at the Commercial Court.

Mr Justice Peter Kelly ruled that agreement yesterday and urged the sides to try and reach any further variations of freezing orders on their accounts “without rancour” and, if possible, without having to resort to the expensive procedure of applying to the court.

The Quinns had argued the variations being sought could, and should, have been agreed with Irish Bank Resolution Corporation and the receivers without a need for a court application.

Lawyers for IBRC and the receivers argued they had had to come to court arising from concerns over a number of issues and wanted to secure full details relating to financial accounts and the movements in 2011 and 2012 of “huge” sums in accounts held jointly in the names of children of Ciara Quinn.

Mr Justice Kelly refused an “unprecedented” application by the Quinns to allow them personally apply, rather than through their solicitors, for any future variations of the freezing orders, which have affected their accounts since July 2012.

Andrew Fitzpatrick, for the receivers, said the Quinns’ litigation was being funded by a trust in the North, the Erne Group Trust, about which his side knew little.

Mr Justice Kelly said it was clear the litigation between the Quinns and IBRC was possibly the most complex to come before the Commercial Court.

The main case should have been at hearing now but had been deferred, on the application of the Director of Public Prosecutions, due to other criminal proceedings and it would be next year at the earliest before it was heard.


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