The family of bankrupt businessman Seán Quinn has warned that it will "vigorously" pursue the return of any part of his former empire sold ahead of its action against the former Anglo Irish Bank and share receiver Kieran Wallace.
Parts of the manufacturing and property group taken over by the now defunct Anglo Irish Bank, which appointed the receiver, and a group of bondholders, are currently either for sale or are said to be the subject of potential bids.
The transactions are taking place as members of the Quinn family are taking proceedings against the former bank and Mr Wallace, claiming that the loans which dragged the group under should not have been made in the first place.
Proceedings listed
Yesterday, the Quinns issued a statement pointing out that those proceedings are listed for hearing in the Commercial Court next April. “The family seeks to overturn Anglo’s illegal takeover of the Quinn companies and unwind all actions taken since Mr Wallace’s appointment,” the statement said. “The sale of any Quinn companies or company assets, which would compound the illegality, will result in the family vigorously pursuing the return of those assets.”
Estate agents CBRE put two landmark Dublin pubs, the Cat and Cage and Quinn's, both in Drumcondra, on the market last week. It was also reported that one-time Barlo chief executive, Tony Mullins, is preparing a bid to buy back the radiator and plastics manufacturer from Aventas, the vehicle that owns most of the old Quinn group's productive businesses.
Pub buyers
Sources yesterday suggested that the statement is aimed primarily at anyone interested in bidding for the group’s pubs and its properties, which are under the control of the former
Irish Bank Resolution Corporation
(IBRC). Mr Wallace is IBRC’s special liquidator, along with his
KPMG
partner,
Eamon Richardson
.
Last week, the Quinn Business Retention Company (QBRC), whose backers include of some of the group's former executives, agreed to buy the old Quinn Group's construction supplies division and its packaging business in a deal likely to be completed in October.
