Anglo at the time promised to respect the decision of the Court under Mr Justice Charleton, now look once again how low they can go.

IBRC has asked the Supreme Court to overturn a decision permitting the Quinn family advance legal claims which could lead to their avoiding liability for €2.34 billion euro in loans.  Patricia Quinn and her five children say they had no knowledge of activities surrounding the loans made to the Quinn companies by IBRC’s predecessor Anglo Irish Bank.

The Quinn Family claim the loans given by Anglo to the Quinn Companies were illegal – because they were used to support the bank’s share price – and therefore argue that they cannot be made liable for them.  In 2012, in the High Court, Mr Justice Peter Charleton ruled that the family were entitled to advance claims that the loans were made for “wholesale” market manipulation in breach of Irish and European law.

Mr Justice Charleton rejected Anglo’s argument that EU and national law had “ringfenced” the issue to the extent – courts cannot prevent enforcement of an illegal contract.  The court ruled that the family could make claims the loans were advanced in breach of market abuse regulations and company law.

The Quinns say the facts of the case entitle them to avoid share pledges and guarantees provided by them on foot of which IBRC sought to recover the loans and appointed a receiver.  IBRC argues the High Court was wrong to find the Quinn’s could rely on the “general principle of illegality” in support of their bid to avoid liability.

According to the business section of today’s Irish Times – the Quinn’s also claim negligence by the bank, unconscionable conduct and that undue influence was used on them to sign certain documents.  IBRC contests all claims made by the Quinns.