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my understanding was Quinn was objecting to the Financial Regulator administration application and the Anglo debt for equity swap?Quote:
Originally Posted by bennocelt
Anglo are only doing what they are legally obliged to do, maximise their return on their lending. With Quinn Group so leveraged, debt for equity is the logical debt recovery approach from their perspective.
Was at mass in the Grann in Enniskillen yesterday and Fr Brian D'arcy dedicated most of the prayers to the Quinn group and there were posters up at the church doors in support of them. Think that is taking it a bit far to be honest.
Can't blame those in the Quinn group for trying to protect their jobs- but what about the people who work for other insurance companies whose jobs may be under threat since Quinn were able to undercut them on price as they were ignoring industry rules. They should be directing their anger towards Sean Quinn as he is the only person responsible for the mess they're in.
Don't let anyone from Cavan hear you say that or they'll have your guts for garters!!!Quote:
Originally Posted by Mr A
They still think he walks on water and its nobodys business how he turns a profit so long as he's keeping jobs in the County.
Reinforces the view that a sizeable percentage of the country, when push comes to shove, don't really believe in complying with rules. Cute hoorism still rules ok.
Good high level article on the wider industry view of Quinn
http://www.insurancetimes.co.uk/stor...orycode=383660
i really hope they come out of administration - do think of the job losses in both counties will have people literally on their knees - cavan has taken an awful hit in terms of property prices - i wouldn't wish this on anyone
There's no doubt they'll be bought out. Easy way to gain market share in an industry that is still pretty damn profitable throughout the economic cycle.Quote:
Originally Posted by Royal rover
What that means in terms of jobs down the line I've no idea, not good news I would imagine if its purchased by someone with a sizeable Irish presence already.
I thought Quinn was profitable and it was only silly red tape that was causing the problems... Annual loss of €788million.
http://www.rte.ie/business/2010/0910/quinn.html
Sean Quinn declared himself bankrupt this morning in Belfast.
http://www.belfasttelegraph.co.uk/bu...-16076123.html
Is there a process by which we can revoke citizenship?
Quote:
In making the application in Northern Ireland, Mr Quinn will be free to go back into business after one year, rather than the 12 years required by law in the Republic.
Grrrrrrrr!!!!!Quote:
The IBRC has issued a statement saying it is examining the validity of Mr Quinn's application for bankruptcy in the light of his residency and business interests in the State.
The bank said that Mr Quinn and his family, who live in Co Cavan, owe the State, through IBRC almost €2.9bn
Hey, at least he has to f*ck off out of our country for that time.
The law is being changed at the moment to make bankruptcy in Ireland less onerous, so saying it's 12 years without mentioning that is a bit tabloid-ey.
To be fair, they've been talking about changing it for years at this stage, and it hasn't been published yet (never mind made law).
Hopefully there'll be a challenge to it going ahead in the UK. I believe Anglo are at least looking in to challenging that. Shows what he actually thinks of the state, given the day he picked to file. I hope all those that protested are proud.
No you still get it over there. "you dont know what hes done for the area" and all that. quite militant actuallyQuote:
Originally Posted by Macy
People are blind when it comes to people like that. Look at Lowry, a corrupt idiot, and they still love him in Tipp.
So he's now also lost his bankruptcy from NI and out of business for 12 years. What way does it work now though, if he's "bankrupt" how can he be expected to pay the legal fees derived from this Court case?
http://www.u.tv/News/Quinns-NI-bankr...d-0f1bfbd2b098
Quote:
Businessman Sean Quinn has said the former Anglo-Irish will never get back the money it's owed, after the bank won a legal challenge to have his bankruptcy in Northern Ireland annulled.
http://aka-cdn-ns.adtech.de/images/D...ize_16_1x1.gif
Following a ruling by judge Mr Justice Deeny that the Co Fermanagh man's business dealings were centred in the Republic, Mr Quinn was declared ineligible for bankruptcy north of the border.
It means he now faces a 12-year disqualification from business, rather than the 12-month period which follows bankruptcy in Northern Ireland.
Asked outside the High Court in Belfast if the bank - since reconstituted as the Irish Bank Resolution Corporation after its collapse - would ever recover the billions it's seeking, Mr Quinn told reporters: "Not at all. How would they get it back? Sure they have the company destroyed. Absolutely destroyed."
He added: "They've destroyed the company and it's costing the country and the taxpayer and our family billions - one of the worst decisions made and any fool would know that."I hereby annul the bankruptcy order of November 11 2011, obtained by Sean Quinn - on the ground that it should not have been made as the centre of the debtor's main interests was not in Northern Ireland at the time of bringing the petition, but within the jurisdiction of the High Court in Dublin.Once worth a reputed €4.72bn, Mr Quinn's business empire collapsed over the past two years after he purchased bank shares which became worthless.
Mr Justice Deeny
Receivers were installed and he and his family lost any role in the management of the Quinn Group, before he undertook insolvency proceedings in Northern Ireland in November.
The 65-year-old has since been hit with two separate judgments of €1.74bn and €416m by the Commercial Court in Dublin over loans from Anglo.
The bank wants Mr Quinn - a taxpayer in Northern Ireland but who, by agreement, paid 20% tax in the Republic - declared bankrupt in the Republic, in a bid to recover the money it's owed.
Mr Quinn, who has lived in the Republic for 32 years and holds only an Irish passport, has always argued that he works solely in Northern Ireland, at an office in his native Derrylin in Co Fermanagh.
But that claim, disputed by the bank, was not accepted by the judge.
Mr Justice Deeny said Mr Quinn had not declared the office lease in his initial application to the court and added: "I conclude, on the balance of probabilities, that this lease has been prepared at some much later date to try and bolster the case now being made."
The judge ordered Mr Quinn to pay the legal costs of both the bank and the Official Receiver.
Outside court, Mr Quinn denied ever seeking to mislead anyone and said: "I never did a day's work from southern Ireland in my life.
"I never did a day's work in my home (in the Republic). I never had any computers, I never had any IT system. Everything was always done from Derrylin.
"There was never any question of me deceiving the court and there was never any need for me to deceive the court."
Mr Quinn said he didn't know if he would now be declared bankrupt in the Republic and that he was being made a scapegoat by the bank.
© UTV News
As far as I'm aware, the bank formally known as Anglo is also challenging the assets he's claiming to have, and the validity of many of the transfers made (for the likes of a lap top!) to his family. iirc even the court appointee in the North wasn't convinced on the asset front.Quote:
Originally Posted by horton
He's suggesting this decision is costing his family billions, biollions which he owes the Irish state
Quote:
They've destroyed the company and it's costing the country and the taxpayer and our family billions
Quinn's family still have substantial holdings abroad, bought with overinflated loans from the crooks in the Irish banks.