Sean Quinn fails to lift bank freeze
Published Tuesday, 06 August 2013
Bankrupt former billionaire Sean Quinn has lost an application to lift orders freezing his family's accounts below €50m.
Former business tycoon Sean Quinn. (© Pacemaker)
A ruling was made in favour of liquidators for the former Anglo Irish Bank at the High Court in Dublin on Tuesday.
Judge Michael Peart dismissed the Quinn's bid to lift the orders - which had been granted to the Irish Bank Resolution Corporation (IBRC) in 2012 - and which restrained the family from dealing with assets of a number of Quinn companies.
He was satisfied that the "balance of convenience" remains in favour of keeping the orders.
However the judge did direct that the bank lodge €5m as security against the damages claim by the family, if the bank loses.
© UTV News