BUSINESSMAN SEÁN QUINN has been ordered to repay €417 million to the Irish Bank Resolution Corporation (IBRC) at the Commercial Court today.
RTÉ reports that the court granted a summary judgement against the entrepreneur – who was once Ireland’s richest man – to IBRC, formerly Anglo Irish Bank.
Quinn has admitted to owing this amount and it was therefore not disputed.
The Irish Times finance correspondent Simon Carswell tweeted that the court adjourned a decision on the remaining €1.6 billion Quinn owes to IBRC until next week but today’s €417 million personal judgement is the largest in the State’s history.
Justice Peter Kelly said in the Commercial Court that there was a powerful case for him to grant judgement for the rest of the money but this has been adjourned until next week.
Quinn declared bankruptcy at a court in Belfast last week. IBRC is challenging this and it will come before the Hight Court in Northern Ireland tomorrow but is not likely to be heard in full, RTÉ adds.
Earlier this year, Anglo Irish Bank, as it was then, took control of Quinn’s business empire - including the Quinn Group, Quinn Insurance, and Quinn Direct – after he was unable to pay €2.8 billion in loans he took out with the now defunct bank.
Quinn has has argued he could have saved the business had he been given time to do so.
Read: Seán Quinn files for bankruptcy in Belfast High Court >
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