Lawyers for one of former billionaire Sean Quinn’s children have claimed before the High Court that he is no longer in receipt of living expenses of about €9,500 per month.
Sean Quinn Jr and his wife, Karen Woods, were among members of the Quinn family who in 2012 were awarded living expenses after having their accounts frozen.
In a sworn statement, Mr Quinn Jr said the payments were stopped as part of “a litigation strategy against us” and that the receivers had been working against the interests of the family. The claims are denied.
The living expenses were approved by the High Court after an application that arose in proceedings by Irish Banking Resolution Corporation (IBRC), formerly Anglo Irish Bank, aimed at protecting up to €500 million of assets in the Quinns’ international property group.
IBRC claims the Quinns misappropriated assets as part of a scheme to frustrate the bank’s efforts to recover loans of up to €2.8 billion held by the family. The family denies the claims.
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As part of its action the bank secured account freezing orders against various members of the Quinn family and orders appointing receivers over their assets in Ireland and worldwide, apart from family homes and certain jointly held accounts.
Mr Quinn did not get any expenses in December, while the couple got nothing at all this month, Mr Justice Brian McGovern heard yesterday.
The couple, who have three children, have brought a motion against IBRC and the joint receivers aimed at having the payments restored.
Their counsel said the cessation of the payments had caused the couple, of Farmleigh Close, Farmleigh Woods Castleknock, Dublin, some hardship particularly around Christmas.
Barry O’Donnell, SC, for IBRC, and Andrew Fitzpatrick, SC, for the receivers, asked the court for time to respond to claims made by Mr Quinn and his wife. The judge adjourned the application until later this week.