Talks progressing in €410m Quinn loan case

The marathon case by Sean Quinn's five adult children has been further adjourned by the High Court to Friday as settlement talks continue.

Mr Justice Garrett Simons was told on Thursday that "enough progress" had been made so far to warrant the talks continuing.

The five are challenging the validity of securities provided by them for hundreds of millions of loans advanced by Anglo Irish Bank to Quinn companies.

They dispute claims by State-owned Irish Bank Resolution Corporation, into which Anglo was nationalised following its collapse, that they are liable for some €410 million, €82 million each, under guarantees.

The talks began late last week just after the Quinns sought to be permitted to advance a key claim that their father unduly influenced them to sign the securities and “effectively dictated” to them about the lending.

Mr Justice Simons’s ruling on Wednesday that they could not advance that claim represented a major setback for their case.

After that ruling, the judge was told that talks were continuing between the sides. He welcomed that development and adjourned the case to Thursday.

Continuing

On Thursday, Bernard Dunleavy SC, for the Quinns, said the talks were continuing and enough progress had been made for the sides to seek a further adjournment until Friday. Shane Murphy SC, for IBRC, agreed.

In the circumstances, the judge said he would further adjourn the matter to Friday.

In their action, Aoife, Brenda, Ciara, Colette and Sean Quinn jnr have challenged the validity of guarantees and share pledges providing securities for millions of euro of loans advanced to Quinn companies by Anglo Irish Bank.

Their case is against IBRC and and a receiver appointed by it over share charges.

The bank has counter-claimed for €82 million each against the five arising from guarantees for certain loans.

Sean Quinn snr and two former Quinn Group executives – Dara O'Reilly and Liam McCaffrey – were previously joined by IBRC as third parties for the purpose of claiming an indemnity against them should the children win their case.

Arising from the bankruptcy of Mr Quinn senior, which he has since exited, IBRC previously got liberty to enter final judgment against him should that situation arise.

Mr McCaffrey and Mr O’Reilly deny they acted as agents for the children concerning the disputed securities and deny any liability.