Quinns to pursue Anglo’s Sean Fitzpatrick for damages
Family claims former bank chairman conspired with others to enter into unlawful contracts
Sean Fitzpatrick was declared a bankrupt in 2010. Photograph: Bryan O’Brien/Irish Times
Mr Fitzpatrick was declared a bankrupt in 2010.
Under section 136 of the bankruptcy Act 1988, a creditor can only pursue a remedy from a bankrupt with the permission of the court.
Counsel for the Quinns said the family would be pursuing Mr Fitzpatrick on the basis that he conspired with others to enter into unlawful contracts and was part of an unlawful enterprise.
They wanted to join him to legal action already begun against parties including the Central Bank and the Department of Finance.
The family believed there might be an insurance policy covering Mr Fitzpatrick’s activities, counsel said, which would be “all the better” for them.
If an insurance company did stand behind a claim, any money would go directly to the family instead of being absorbed into funds held by official assignee Chris Lehane, the court appointed trustee who manages the assets and debts of bankrupt persons.
Mr Justice John Cooke said the case “seemed speculative”. He said if he did give permission under section 136, it might be necessary to set terms and conditions, and he would need to give the matter some thought.
He adjourned the case to November 4th.