The former holding company behind the Quinn Group of businesses that were previously owned by the five adult children of bankrupt businessman Sean Quinn has had a liquidator appointed to it.
Quinn Group (ROI) Limited was wound up in July by the receiver, Kieran Wallace of KPMG who was in turn appointed to the company by the former Anglo Irish Bank, which is owed €2.88 billion by the Quinn family.
A spokesman for Quinn Group commented that the liquidation was a move to “tidy things up”. A new holding company, Quinn Group Holdco, was set up to take control of the group and its ultimate beneficial owners are the syndicate of banks and financial investors who were owed €1.3 billion by the Quinn Group and Irish Bank Resolution Corporation, the new name for Anglo.
The lenders to the Quinn Group and IBRC seized control of the Quinn Group from the Quinn family on April 14th, 2011. Mr Quinn’s five adult children and his wife have issued legal proceedings over the appointment of the share receiver to Quinn Group (ROI) and claim that €2.34 billion of the loans provided by the former Anglo Irish Bank are invalid as they were advanced to prop up the bank’s share price.
Quinn Group (ROI) was the ultimate holding company of 95 companies which comprise the Quinn Group which was involved in a diverse range of businesses from the manufacture of cement and concrete products, glass and radiators and plastics, to insurance, hotels, property and financial services.
The spokesman for the Quinn Group said that this company was no longer connected with Quinn Manufacturing Group Holdco, the company behind Mr Quinn’s former manufacturing businesses, which was restructured on December 2nd, 2011.
Mr Quinn was declared bankrupt in Dublin in January after IBRC secured a judgment of €2.16 billion against him on personal guarantees he had given on loans advanced by Anglo to Quinn Finance, one of the main companies in the Quinn Group.