Bid to overturn Quinn bankruptcy

A bid to overturn the bankruptcy of Sean Quinn, once the richest man in Ireland, will be heard next month, a court in the North has ruled.

The Irish Bank Resolution Corporation (IBRC) - formerly Anglo Irish Bank - which says the 64-year-old owes around €2bn in the Republic, will have its case heard on December 19 and 20.

The Belfast court challenge by the lender comes as legal proceedings are continuing in Dublin.

The court also ordered that Mr Quinn make himself available for the December hearing in case he is required to testify.

Mr Quinn voluntarily filed for bankruptcy in Belfast earlier this month, arguing he was resident in Co Fermanagh in the North and his business was centred there.

Belfast’s Chancery Court today heard that Mr Quinn has been ordered by Dublin’s Commercial Court to pay €417m to the IBRC.

But a decision on the outstanding claim of €1.6bn has been delayed.

IBRC had said it would challenge Mr Quinn’s declaration of bankruptcy in the UK.

Today Mark Horner QC, representing the bank, told Judge Mr Justice Donal Deeny that the matter was one of “considerable urgency”.

“It is absolutely critical this is dealt with as soon as possible,” the lawyer told the court.

Paul McLaughlin, representing Mr Quinn, said time was required to compile information on how the former tycoon’s business operated.

The judge said: “Perhaps we don’t need a long history of the affairs of these companies.”

Mr McLaughlin replied: “I think it is going to be unavoidable.”

Mr Justice Deeny said the case would be heard on December 19-20 and said this should give sufficient time to the legal teams.