Quinn family fails to lift freezing orders on bank accounts

Tuesday 06 August 2013 22.13
IBRC secured the orders against Seán Quinn's children and three of their spouses
IBRC secured the orders against Seán Quinn's children and three of their spouses

The family of bankrupt businessman Seán Quinn has failed in its attempt to lift orders freezing their bank accounts below €50 million.

Judge Michael Peart said he was satisfied that the "balance of convenience" remains in favour of leaving the orders in place.

Irish Bank Resolution Corporation secured the orders against the five Quinn children and three of their spouses.

The proceedings alleged various members of the family and some companies engaged in a scheme to put assets, with an estimated value of $500m, in the Quinn international property group beyond the bank's reach.

The bank had claimed that many of those assets are now "distressed" and it only has full control of one, a property in Moscow.

The Quinns had disputed the bank had valid security of the assets and claimed its own actions had adversely affected the value of the assets.