Judge to rule on question for Europe in Quinn-Anglo dispute

THE High Court will decide later this week how to phrase a question it will ask the European Court of Justice (ECJ) to rule on in relation to the dispute between Anglo Irish Bank and Sean Quinn and his family.

Last month, Mr Justice Frank Clarke said he would refer to the ECJ the question whether the courts in Ireland or Cyprus should decide a legal dispute involving the bank and the Quinn family.

Yesterday, he received submissions from both parties in relation to how the question to the ECJ should be put. The judge told the parties he would deliver his decision as to which of the submissions the court would refer to the ECJ, and hear further argument tomorrow morning.

The referral arose after Anglo applied for injunctions earlier this year restraining the Quinns from making changes to their international businesses.

The bank is owed an estimated €2.8 billion by the Quinns. Anglo alleges there is a conspiracy in the Quinn family to strip the companies of their assets and reduce the bank’s security. This is denied by the family.

The Quinns began separate legal proceedings against Anglo earlier this year in which they challenged the appointment of the receiver appointed over their shares in some of the Quinn Group companies in Ireland.

They are also taking action in the courts in Cyprus challenging Anglo’s appointment of a receiver over shares in a number of Cypriot companies.

This action by Anglo against the Quinns is the third set of proceedings.

The Quinns say the courts here should not hear the issue because there are related proceedings in the courts in Cyprus. Lawyers for Anglo asked the court in Cyprus to refuse jurisdiction to hear the matters there.

Mr Justice Clarke said that EU regulations did not provide guidance as to which court should decide who should have jurisdiction to hear the matter.