We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Seán Quinn in a rare interview with RTÉ in 2009 Screengrab via TheQuinnGroup/YouTube
Sean Quinn

Quinn ordered to repay €417m of Anglo debt

The judgement is the largest before the courts in the history of the State.

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 >

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.