Judge Keeps Freeze Order On Quinn Children's Assets

A High Court judge has further continued orders restraining the children of bankrupt businessman Seán Quinn, a nephew, two sons in law and a number of international companies dealing with assets owned or controlled by them worldwide below €50 million each, the Irish Times reported. The Quinn defendants will be allowed up to €8,000 for ordinary living expenses each, subject to approval by solicitors for the former Anglo Irish Bank and receipts being provided by them, until the injunction orders return to court on July 24th, Mr Justice Peter Kelly directed. While he was not to be taken as accepting that people normally needed €2,000 weekly for living expenses, he would allow the €8,000 sum until July 24th as the sides had agreed it, the judge said. The defendants are also entitled to legal and perhaps some exceptional domestic expenses subject to formal approval by the court. Bill Shipsey SC, for the defendants, had objected to the requirement that the expenses must be vouched and said vouching had not been sought to date. Mr Justice Kelly said he considered the bank’s request for vouching reasonable in the circumstances, including the “very serious findings” of contempt of court orders restraining asset dissipation made against Seán Quinn snr, his son Seán jnr and his nephew Peter Darragh Quinn earlier this week by Ms Justice Elizabeth Dunne. He added that he expected the bank’s solicitors to be reasonable about approving expenses with “no nickel and diming”. The judge noted there may be an issue whether the three found in contempt of court could be heard on July 24th given the normal rule that persons found in contempt of court were not heard until their contempt was purged. That issue will be clarified when Ms Justice Dunne rules on the sanctions to be applied to the three tomorrow. Mr Justice Kelly also yesterday granted the bank’s application to fast-track in the Commercial Court its action aimed at preventing dissipation of up to €500 million in assets in the Quinn family’s international property group. Read more.