Anglo Irish Bank accuses Quinn Insurance founder of contempt of court
The Irish Bank Resolution Corporation (IBRC) has initiated contempt of court proceedings against Quinn Insurance founder Seán Quinn and two family members.
IBRC, formerly Anglo Irish Bank, has filed a motion in Ireland’s High Court with the aim of finding Quinn, his son Seán Quinn Jr. and his nephew Peter Darragh Quinn in contempt of court for breaches of an injunction, the Irish Times reported.
The injunction, issued last July by Justice Frank Clarke was intended to prevent the Quinns moving certain assets.
The contempt case will be mentioned before Justice Clarke on Friday. If found to be in contempt of court, the Quinns could have their property seized or face imprisonment.
The Quinns reportedly reject the allegations and will defend their position.
Quinn Insurance was placed into administration in March 2010, and has subsequently been bought by a joint venture between Anglo Irish Bank and US insurer Liberty Mutual.
Seán Quinn was declared bankrupt in November last year.
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