herald

Monday 18 June 2018

Quinn - I'm no longer getting €9k in expenses

Sean Quinn Jnr and his wife Karen Woods say their living expense
payouts were stopped as part of a ‘litigation strategy'
Sean Quinn Jnr and his wife Karen Woods say their living expense payouts were stopped as part of a ‘litigation strategy'

Lawyers for one of former billionaire Sean Quinn's children have claimed before the High Court that family members are no longer in receipt of living expenses of approximately €9,500 per month.

Sean Quinn Jnr and his wife Karen Woods were among members of the family who in 2012 were allowed living expenses by the High Court after having their accounts frozen below €50m each.

Litigation

In a sworn statement, Sean Quinn Jnr said the payments were stopped as part of "a litigation strategy against us".

The receivers had been working against them (the Quinns) in tandem with the bank and not for the purpose they were appointed for, he said. These claims are denied.

The living expenses were approved by the court following an application that arose in proceedings by Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, aimed at protecting up to €500m assets in the Quinns' international property group (IPG).

IBRC claims the Quinns misappropriated assets from the IPG as part of a scheme to frustrate the bank's efforts to recover loans of up to €2.8bn against them and they were prepared to dispose of those assets. These claims are denied.

As part of its action, the bank secured account freezing orders against various members of the Quinn family and orders appointing receivers over their assets in Ireland and worldwide, apart from family homes and certain jointly held accounts. The orders were varied from time to time to allow Sean Quinn Jnr €6,700 in living expenses per month, while his wife was in receipt of €2,895 per month.

Mr Quinn Jnr did not get any expenses in December, while neither of them got any expenses at all in January, Mr Justice Brian McGovern was told yesterday.

The couple, who have three children, have brought an application against IBRC and joint receivers appointed over their assets aimed at having the payments restored.

Hardship

Their counsel, Ross Aylward, said the cessation of the payments had caused the couple, of Farmleigh Close, Farmleigh Woods, Castleknock, Dublin, some hardship, particularly around Christmas.

Barry O'Donnell SC, for IBRC, and Andrew Fitzpatrick SC, for the receivers Declan Taite and Sharon Barrett, asked the court for time to respond to claims made by the couple.

The judge adjourned the application to later this week.

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