AN ACTION by Quinn Finance over some €6 million payments related to shares in Anglo Irish Bank that were made to Niall McPartland, a solicitor and son-in-law of businessman Seán Quinn, has been sent for a full hearing at the Commercial Court.
Quinn Finance was the funding vehicle for the Quinn international property group established by Seán Quinn to develop a international property portfolio for the benefit of his five adult children.
The company was removed by Irish Bank Resolution Corporation (formerly Anglo) from the control of the Quinn family in April 2011, and it last month initiated proceedings seeking summary judgment for some €6 million against Mr McPartland, Castleknock Road, Castleknock, Dublin.
The summary judgment application was fixed for hearing next month but yesterday Una Tighe, for Quinn Finance, said there was agreement between the sides the matter should go to a full hearing.
Mr Justice Peter Kelly said the company had accepted Mr McPartland had raised triable issues in his defence, entitling him to a full hearing. In those circumstances, the judge vacated the summary judgment hearing date of July 6th, made directions for the exchange of legal documents between the sides prior to a full hearing and listed the matter for further directions in October.
When the case was before the judge last month, Rossa Fanning, for Mr McPartland, said his client did not stand to make any personal gain from payments made over several months in 2008 by Quinn Finance (under its former management) to Mr McPartland’s account with NCB Stockbrokers Ltd.
The payments were to meet margin calls on contracts for difference (CFDs) investments in shares in Anglo, and the company has alleged in proceedings there was no record of the payments being authorised by Quinn Finance.
Robert Dix, the new chairman of Quinn Finance, said it wanted to recover €6.1 million from Mr McPartland representing transfers from Quinn Finance “under its prior management” to him for margin calls due by Mr McPartland “in the context of his private wealth management arrangements”, including his agreement for a CFD account.
Mr Fanning said Mr McPartland had “nothing to do” with those payments by Quinn Finance and had rather made a serious error and acted “unwisely” in letting that company use his name while engaging in company trading.
Counsel said his client did not stand to make personal gain from that trading and rather held monies on trust for the benefit of Quinn Finance. Mr Fanning also queried if Quinn Finance had a cause of action against his client.
