High Court refuses to unfreeze Quinn bank accounts

The High Court has refused to lift orders freezing the bank accounts of the family of bankrupt businessman Sean Quinn.

However Mr Justice Michael Peart has ruled that IBRC is to lodge €5m into court to cover any damages should the Quinns defeat the bank when the action is heard.

Some of the orders put in place freeze the Quinn's bank accounts, while others stop them dealing with their International Property Group assets such as the Kutuzoff tower in Moscow.

The IPG orders were secured in 2011 ahead of a full hearing, in which IBRC alleges a conspiracy by the Quinns to put these assets beyond the bank’s reach.

The Quinn family believe an undertaking by IBRC to pay damages of €5m should the bank lose the case is worthless because it has gone into liquidation.

Mr Justice Michael Peart has found that because steps were taken by certain Quinn family members to remove assets the balance of convenience is clearly in favour of the injunctions remaining in place, in order to ensure "such unlawful activity would not resume."

However, he ordered IBRC to lodge €5m into court by the end of August to guarantee the bank’s undertaking around damages.