MEMBERS OF BANKRUPT businessman Seán Quinn’s family have failed in their bid to have freezing orders on their bank accounts below €50 million lifted.
High Court judge Justice Michael Peart ruled today that the “balance of convenience” lies in favour of refusing the family’s application to have the orders lifted. Judge Peart also ruled that the Irish Bank Resolution Corporation (IBRC) must lodge €5 million in court to cover damages pending the outcome of the action.
It has been alleged that Quinn and some of his children sought to put assets out of the bank’s reach and the freezing orders were put in place in 2011 to stop them.
Quinn and his son, Seán jr, have both served prison sentences for contempt of court in connection with this.
The Quinn family is arguing that the injunctions should be lifted because the court action taken by IBRC was rendered worthless once the bank became insolvent.
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