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Wednesday, October 10, 2012

Quinns Claim Personal Assets Receiver Not Independent Of Bank

Per www.globalinsolvency.com:


Wed., October 10, 2012

Family members of bankrupt businessman Seán Quinn’s family have claimed a receiver appointed over their personal assets by the former Anglo Irish Bank is not independent but biased towards the bank on grounds including that several of his staff worked at a senior level for the bank before and since its nationalisation, the Irish Timesreported. They are also objecting to requests by receiver Declan Taite of accountancy firm RSMFGS to disclose wide-ranging information about their assets and financial and tax affairs, including their personal email accounts and passwords and phones or any devices on which information about assets may be stored. The receiver is engaged in “an excessively voyeuristic intrusion into our personal lives” affecting information such as medical records, family photos, communications with the media and personal communications, they claim. They were very concerned Mr Taite would pass on such information to the bank, which could assist it in defending the family’s forthcoming action aimed at avoiding liability for loans of some €2.34 billion, they added. The family also want the court to discharge Mr Taite’s solicitors, Arthur Cox, alleging that the firm was “heavily conflicted” on grounds including its involvement in the restructuring of Quinn companies. Other concerns included that Cox’s was acting for the bank in its action against former Anglo head of lending Thomas Browne, which would address issues concerning the building up of Contract for Difference positions by Seán Quinn in Anglo, they said. “Multiple partners” in Cox’s had undertaken very significant work for Anglo and the firm was receiving very substantial work from Anglo and/or its shareholder, the Department of Finance, they said.

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