Seán Quinn Jnr to sell home to purge contempt of High Court ordersTuesday 29 October 2013 16.37
The sale of Seán Quinn Jnr's Dublin home will finally purge his contempt of High Court orders, the court has heard.
The house at Alder Lodge in Castleknock is due to be sold in the next four weeks for between €400,000 and €440,000.
Lawyers for the former Anglo Irish Bank, who initiated the contempt proceedings against Mr Quinn, his father, Seán Quinn Snr and Peter Darragh Quinn confirmed to the court that once the sale is completed, that will be the end of the contempt matter.
Seán Quinn Jnr shares the house with his wife, Karen Woods.
His half of the proceeds will go to the bank.
The contempt proceedings were brought against him over a High Court finding that he took part in efforts to put the Quinns' International Property Group assets beyond the reach of the bank.
The court found that he participated in a payment of $500,000 to the general director of Quinn Properties Ukraine on the eve of the bank's takeover of that company.
He was jailed for three months for contempt, but he was still required to take steps to repay the money involved in order to fully purge his contempt.
He had offered to sell his house. His lawyers told the court he had received two valuations of €400,000 and €440,000.
A buyer had made an offer allowing Seán Quinn Jnr's 50% share of the house to be paid as directed by the court.
Ms Justice Elizabeth Dunne said this went some way towards meeting the requirement for Seán Quinn Jnr to purge his contempt.
While it was not the full amount, it was the best that could be done under the circumstances, she said.
Once the sale is complete, the matter should come back before her in December for the court to direct what should be done with the money received, she said.