Quinns ordered to reverse moves
Bankrupt businessman Sean Quinn, his son Sean and nephew Peter Darragh Quinn have been ordered to take specified steps aimed at unwinding measures taken to put multi-million euro assets in the Quinn international property group beyond the reach of the former Anglo Irish Bank.
Ms Justice Elizabeth Dunne also today made clear to the three they could face punitive sanctions if they do not obey the orders, which include orders requiring them to disclose all their assets.
The three were involved in a conspiracy or plan to put assets beyond the bank's reach and that was impermissible, she said.
She would "not sit idly by and allow that take place and allow court orders be breached".
The judge said she would not disagree with a description of the contempt of court orders in this case as "flagrant" and she was disappointed there was no acknowledgement by the three, even at this stage, of the "great wrongdoing" involved.
Earlier, lawyers for the bank had said that while it was primarily seeking a large number of coercive orders against the three aimed at unwinding asset stripping measures, the court should also consider punitive orders given the "flagrant" contempt and the response of the three to the court's finding.
Paul Gallagher SC, for the bank, said the three had offered no apology to the court, were not offering to resign from companies and were offering no clear proposals to reverse asset-stripping measures.
There had been a "gross affront" to the court established in evidence but the three were effectively asking the court to ignore that, he said.
The bank had still no information about what was happening to some $35 million rental income from properties in the IPG, he added.
Bill Shipsey SC, for the three men, said the orders being sought by the bank were draconian and extraordinary, well beyond the court's findings of contempt and it had no jurisdiction to make them. He said committal to prison was a last resort and the only orders made should be ones that have the three an opportunity to purge their contempt in relation to the specific findings against them.
His clients would have difficulties unwinding certain transactions as other companies and individuals outside this jurisdiction were involved.
He said his clients accepted appropriate coercive orders could be made to reverse the transactions involved in the contempt findings but the nature of those orders was for the court to decide. The bank was not entitled to the wide ranging orders sought, he said.
Counsel also indicated the Quinns were considering an appeal against the contempt findings.
The judge made orders directing the three to disclose all their assets in Ireland and worldwide, whether held directly or indirectly. They must also disclose the work done by lawyers and any other agents of theirs in relation to the worldwide assets.
The judge also granted the bank's application to appoint a receiver over assets of the three and a range of orders to assist the bank in identifying, protecting and controlling the IPG assets and ensuring the bank secures the rental and any other income from them.
