Court refuses Quinns’ injunctions bid
Mr Justice Michael Peart said yesterday the balance of justice favoured leaving all of the injunctions in place. These freeze family and company bank accounts.
The judge ordered the IBRC, in what is known as the ‘Quinn conspiracy’ to put assets beyond the reach of the bank, to lodge €5m in court to “fortify” undertakings IBRC had given to the court as to damages prior to the bank having been liquidated.
The plaintiffs are IBRC, in liquidation; Quinn Investments, Sweden; and Leif Baecklund.
The applications to quash the injunctions had been made by Sean, Ciara, Colette, Brenda, and Aoife Quinn and Sean Quinn Jr, as well as Niall McPartland and a number of internationally-based Quinn companies.
Judge Peart said that when the injunctions were applied for by the IBRC, the bank had given the usual undertaking as to damages to the court.
However, on Feb 13, the IBRC Act had become law, and under that legislation, the finance minister made a special liquidation order in respect of IBRC.
He said the Quinn family and associated companies had sought to have the injunctions discharged on the basis that the undertakings as to damages were worthless once IBRC became insolvent, unable to pay its debts, and in liquidation.
The Quinn family members claimed the €5m payment into court offer was hopelessly inadequate to satisfy any claim arising in the event it was concluded in due course that the injunctions ought never to have been granted.
The Quinns estimated that the losses the injunctions would cause them, in the event of IBRC and the two other plaintiffs losing their case, would be in the order of €700m.
Judge Peart said the €5m “fortification of the undertakings” should be paid into court by the plaintiffs before the end of August. Costs of the proceedings will be dealt with at the end of October.
Peter Darragh Quinn was not a part to the applications before the court.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
