Sean Quinn jnr is doing all he can to purge his contempt of court orders restraining the stripping of multi-million assets from the Quinn family's international property group but he cannot pay a US$500,000 sum as sought by the bank, the High Court was told today.
Mr Quinn was very keen to try and comply with coercive orders made by the court last June, his brother in law Niall McPartland said.
Irish Bank Resolution Corporation, the former Anglo Irish Bank, had indicated Mr Quinn could purge his contempt by repaying to it a US$500,000 sum paid to Ms Larissa Puga, general director of Quinn Properties Ukraine in autumn 2011 but Mr Quinn was not in a position to pay that and did not feel that was an appropriate way to purge the contempt, Mr McPartland said.
Shane Murphy SC, for IBRC, said there had been correspondence with Mr Quinn and the bank wanted proceedings against him adjourned for two weeks while that correspondence continued.
Mr McPartland said the bank had raised issues in the correspondence about deficiencies in Mr Quinn's disclosure of assets. While his side felt those deficiencies were not substantial and two matters had been overlooked as an oversight, Mr Quinn was engaging with the bank and would continue to do so.
Miss Justice Elizabeth Dunne said she would adjourn the proceedings for two weeks to facilitate the engagement between the bank and the Quinn side.
Last Friday, Miss Justice Dunne jailed Seán Quinn snr for nine weeks arising from her finding last June he was in contempt of court orders of June and July 2011 restraining asset stripping.
IBRC had argued Mr Quinn had failed to purge his contempt and said it believed Quinn family members continue to direct steps to prevent it recovering assets for the Irish taxpayer.
Seán Quinn snr, in an affidavit, said he had no control over the IPG assets but he and his family were willing to do all they could to assist the bank in recovering assets and to purge the contempt found against him and his son.
Seán Quinn jnr was in court today with Mr Mc Partland. Mr Quinn was released from prison late last month after completing a three month prison sentence for contempt.
The bank indicated last week it was not at this stage making any application concerning him but wanted time to consider its position.
Also today, Mr Justice Peter Kelly is hearing an application by a receiver appointed over the personal assets of various Quinn family members for access to a wide range of financial information held by them. They are objecting to his being given their passwords for their personal email accounts and certain other records.
