Two Dubai-based firms joined to IBRC actionMonday 04 March 2013 16.06
Two Dubai-based legal firms have been joined to an action taken by IBRC.
The firms allegedly "devised and masterminded" a scheme to asset strip the Quinn family's International Property Group companies.
IBRC alleges the two firms and an individual played a key role in a scheme to put assets beyond the reach of the bank through the purchase of off shore companies and other steps.
IBRC made an application to the Commercial Court to have Senat FZC and Senat Legal Consultancy, both based in Dubai, along with another man, Michael Wechter with an address in United Arab Emirates, joined to their action against the Quinns.
Mr Justice Peter Kelly said the evidence put before him demonstrated a connection between the activities alleged by the bank and the entities in the application.
While he was making no adjudication on correctness of this evidence, it was enough to satisfy him the bank had achieved the "threshold of proof" required for him to grant the application to join them to the action.
IBRC initiated the action in 2011 against a number of companies and Quinn family members alleging a conspiracy to asset strip the International Property Group.
The Quinns are defending the case and a full hearing of the matter has been deferred.
Meanwhile, an application by the Quinns to have injunctions against them and freezing orders on their accounts lifted due to IBRC being in liquidation will not be heard until April.
The Commercial Court set a hearing date of 11 April for the application by the Quinns to have the orders lifted or have IBRC lodge $500 million in court for damages should they successfully defend the bank's case against them.
The Quinns say the injunctions should be lifted as there is no guarantee the bank could meet its undertakings to pay damages in the event it loses the case against the Quinns.