ANGLO IRISH Bank invoked its right to appoint a share receiver to take control of the Quinn family’s shareholding in Quinn Group (ROI) Limited, the ultimate parent company of the Quinn Group.
The bank appointed Kieran Wallace, a partner in KPMG who heads up the accountant’s restructuring and forensic advisory practice, to take control of the shares.
Such a move is unusual in Irish company law and differs from the appointment of a receiver who has wider powers to sell assets in order to repay a debt.
Mr Wallace will have no control over “the assets, business, employees, operations or undertakings of the group of companies”, Anglo said in a statement released yesterday.
Mr Wallace did move immediately to appoint a new board of directors at Quinn Group (ROI), drawn from law firms, banks and corporate insolvency practices.
Jimmy Menton is a former senior partner from KPMG’s corporate advisory practice. Ray Jackson is also a former senior partner in KPMG with extensive insolvency experience.
Rory O’Ferrall is an experienced corporate recovery partner with Deloitte, while Timothy Quin is a retired partner from the Northern Ireland office of Deloitte.
From the world of banking Mr Wallace has appointed Ulster Bank executive John Boyd. Frank O’Riordan, a former managing partner at AL Goodbody, will bring legal experience to the new board. As a result of these appointments Seán Quinn and his family will have no role in owning or running the Quinn Group.
Mr Wallace has also been appointed share receiver to the Quinn family’s shares in the International Property Group of Quinn.
