JAILED
businessman Sean Quinn's wife Patricia Quinn and their five adult children have
opened their High Court bid to compel the former Anglo Irish Bank to provide security for their legal
costs.
The family of Sean Quinn are seeking security for €6.5m in legal
costs in case the bank, now in liquidation, is unable to pay their costs if the
bank loses the family's alleged conspiracy case against Anglo.
The IBRC (in Special Liquidation) - formerly Anglo - has set aside
some €50m to meet the costs of litigation.
The case was described this morning by High Court Mr Justice Peter Kellyas "unusual" .
This was because the Special Liquidator has made an offer to set
aside €50m cash fund which will be "ringfenced" for payment of costs
"and nothing else".
Shane Murphy SC, for the Special Liquidator, told the court that
the fund will never be allowed to drop below €50m.
If the fund drops, it will be immediately replenished and will be
available until the conclusion of the litigation.
When it was liquidated last February following an all night
sitting of the Dail and Seanad, the IBRC was involved in 840 legal actions, 120
of which are being taken against the bank.
Next week the High Court has set aside two days to hear an
application by the Quinns to join the Department of Finance and the Central
Bank - as successor to the Financial Regulator - as co defendants to their main
action against the IBRC.
The State parties are vigorously opposing any bid to join them in
the action, a move that could, if successful, lead to the Government handing
over sensitive confidential material.
The application continues.
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