Quinns to move to stay or strike out IBRC conspiracy action

The children and other family members of jailed businessman Sean Quinn will apply next week for orders to stop or put on hold Irish Bank Resolution Corporation’s action alleging they conspired to strip assets from the family’s international property group.

They contend the bank’s conspiracy action should be stayed or struck out pending the outcome of the family’s own action, listed to open next April. In that case, the Quinns claim the bank has no valid security over properties within the Quinn’s international property group and had advanced some €2.4 billion unlawfully to Quinn companies via loans to prop up its share price.

If the court rules in favour of the Quinns in their case, they contend the action will have been pointless. They argue hearing the conspiracy case in advance of their own amounts to “putting the cart before the horse”. Mr Justice Peter Kelly told Martin Hayden SC, for the Quinns, he could move the application next Monday.