Seán Quinn told to repay €1.7bn

 

Bankrupt businessman Seán Quinn has been ordered to repay more than €2 billion to the Irish Bank Resolution Corporation (IBRC), the largest summary judgment amount ever entered in the Irish courts.

IBRC chief executive Mike Aynsley was in the Commercial Court today when Mr Justice Peter Kelly, who last week made a €417 million summary judgment orders against Mr Quinn, granted the bank's application for additional summary judgment orders totalling about €1.7 billion against the businessman arising mainly from guarantees over property loans to various Quinn companies.

Mr Quinn voluntarily filed for bankruptcy in Northern Ireland earlier this month, just days before the bank's summary judgment proceedings came before the Commercial Court in Dublin.

The application for summary orders had been adjourned twice to facilitate consideration of the matter by the NI Official Receiver in bankruptcy and was renewed when the matter again came before Mr Justice Kelly today.

Paul Gallagher SC, for the bank, sought the orders in three different sets of proceedings against the businessman arising mainly from guarantees executed by him over loans, mostly issued to acquire properties in Ireland and overseas.

Mr Quinn was not in court for the hearing, which lasted about half an hour. The judge was told his lawyers had indicated earlier today to the Official Receiver that he would not be opposing the orders.

The Official Receiver had also decided he would not be opposing the bank's application, his counsel Bernard Dunleavy indicated.

Mr Justice Kelly said he had read the vast documents in the case related to the various loans and guarantees and these displayed no evidence of any defence to the claims. He also noted no opposition was being advanced.

In the circumstances, he was satisfied the bank was entitled to judgment in the "very large" sums sought and made orders entering summary judgment in sums totalling about €1.7 billion against Mr Quinn.