Decision today on Quinn bankruptcy

A JUDGE in Belfast will give his decision today on whether Seán Quinn’s bankruptcy adjudication in Northern Ireland late last year should be annulled.

Mr Justice Donnell Deeny is to give his view in a case taken by the Irish Bank Resolution Corporation, formerly Anglo Irish Bank.

Mr Quinn made an unexpected and successful application for bankruptcy status in Northern Ireland in November.

It was challenged by the now State-owned bank on grounds that Mr Quinn’s main centre of interests is in the Republic. Judgment was reserved in the case and, in the period after its challenge, the bank served a summons on Mr Quinn as an initial step in having him declared a bankrupt in the Republic.

Mr Justice Deeny was told the bank would begin proceedings in the Republic but not take the crucial step of seeking an order of bankruptcy in the Republic until the annulment application before him had been determined.

Mr Quinn had sought to avoid having the summons served on him but his appeal to the Belfast court was unsuccessful.

Bankruptcy in Northern Ireland allows a person emerge from debts within a year, while the process in the Republic takes 12 years.

Mr Quinn told the court in Belfast in November he had assets of less than £50,000. The bank says he owes it well over €2 billion.

It has seized control of the Quinn Group and of properties here and abroad owned by Mr Quinn and his family.

A major legal challenge in which the Quinn family is disputing its debts to the bank, on grounds that they are tainted with illegality, is to be heard later this year in Dublin.