A bankruptcy court has ruled that former billionaire Sean Quinn is to pay EUR 10,000 per year for the next two years to the Official Assignee Chris Lehane, who sought the order after reading media reports before Christmas that Mr. Quinn might provide services to the new owners of the former Quinn Group.
Lehane, whose office oversees the affairs of bankrupts, sought the order after reading media reports before Christmas that Mr. Quinn might provide services to the new owners of the former Quinn Group construction materials business.
Quinn was due to emerge from his three-year period of bankruptcy last week. Under bankruptcy law an order may be sought by Lehane’s office requiring a former bankrupt to make payments from his income or assets for the benefit of creditors, for a period of up to five years after he or she emerges from bankruptcy. The order must be sought prior to the bankrupt emerging from bankruptcy.
Barrister Bernard Dunleavy, for the Official Assignee, told Justice Caroline Costello that after Lehane had read media reports concerning Quinn’s return to some of his former businesses, the two men had met and Quinn had made a “satisfactory offer” in relation to payments from future income.
Justice Costello then made a payment order on consent for EUR 10,000 per year, with liberty to both parties to re-enter the case.
Mr. Quinn’s family lost control of the Quinn Group in 2011 as a result of multi-billion euro debts to Anglo Irish Bank. Mr. Quinn was declared a bankrupt in January 2012 on foot of debts of up to EUR 2.8 billion, due to Anglo.