Sean Quinn’s children (Seán Quinn Junior, Colette Quinn, Aoife Quinn, Ciara Quinn and Brenda Quinn) enter the Four Courts today on the first day of the case between them and the Irish Bank Resolution Corporation last month
BREAKING: the legal cases involving Sean Quinn's five adult children and State owned IBRC have settled. Quinns have consented to €445m judgment €88m each, to be stayed on condition they take steps to secure the return of valuable Quinn property assets to IBRC.
— Mary Carolan (@MaryCarolanIT) April 2, 2019
The High Court.
The five Quinn children had denied liability for around €415 million under guarantees in relation to loans advanced by Anglo to Quinn companies…
As part of the settlement judgment is to be entered against each of the five children, Ciara, Colette, Brenda, Aoife and Sean Quinn junior in the sum of just over €88 million each.
But the judgments are to be stayed on terms agreed between the parties.
In a statement, IBRC said the Quinn family had provided the bank with full disclosure and would relinquish any entitlement to any of the assets that were the subject of IBRC’s security.
It said it viewed the settlement as being in the best interests of creditors, in circumstances where it had received full disclosure from the Quinn family and where the very lengthy litigation that had begun in 2011, would be brought to a conclusion.
Final orders in the conspiracy case are expected in court tomorrow.