A NEPHEW of bankrupt businessman Seán Quinn has denied being the “mastermind” of a strategy to put multimillion-euro assets of the Quinn family beyond the reach of Anglo Irish Bank

Mr Quinn also said Seán Quinn snr had never discussed Galfis matters with him. His uncle, when signing assignments of valuable loans to Mr Gurnyak, had “put his faith in me” and was “not big into detail”.

What is the story on the Q-City project in India has it been resolved??

[The Quinn family's] injunction in Nicosia stops Anglo interfering with the family’s properties in Cyprus or Russia, but Anglo’s injunction in Dublin freezes the corporate structure worldwide as it covers Quinn Investment Sweden, the property group’s ultimate parent company, and the various family members.
http://www.irishtimes.com/newspaper/fin ... 92769.html

I can see the emergence of Pin Garlic slang e.g.

"That geezer is looking at 500 cloves if he did that!"

BANKRUPT businessman Sean Quinn senior and his nephew signed documents in Russian, which neither could read

Ah, a variant of the Mansfield Defence. They shall be collectively known as the "Can't read, won't read" gambit.

How much more do they have to say before we can call them 'stupid' without being libellous? As in, the well-known village idiot...

Mr Quinn said Aoife Quinn had subsequently told him that it had been an “oversight” on her part not to tell the Cypriot court that she was a director of the Cypriot companies the application concerned.

Belfast High Court rules Quinn transactions void
A STG100 million debt assignment by a company formerly run by bankrupt tycoon Sean Quinn "smacks irresistibly of an orchestrated, elaborate and illicit charade", a High Court judge in Belfast ruled today.

Mr Justice McCloskey held that the transfer to a Belize-registered company had no purpose other than to put the assets beyond the reach of legitimate creditors.

He declared the transactions unlawful, null and void.

The judge, sitting in Belfast, found that a date on all of the 29 assignments was "plainly fabricated" and unlawfully backdated.

Even if wrong in his main decision, he said the transfers were still invalidated on the ground that Mr Quinn therefore acted "in blatant disregard of his fiduciary duty."
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What's the form in commercial law for taking other transactions into consideration?

I apologise for breaching the no-smug-rule but this is hilarious really.

A €19 MILLION property in Russia was sold by a Seán Quinn family company to another company for about €2,500 in a transaction allegedly “orchestrated” by a son-in-law of the bankrupt businessman, the High Court was told yesterday.

Paul Gallagher SC, for the former Anglo Irish Bank, suggested to Peter Darragh Quinn, a nephew of Mr Quinn, the sale of the property was orchestrated by Stephen Kelly, husband of Aoife Quinn, a daughter of Mr Quinn, and would only be logical if the purchasing company was connected to the Quinn family.

Peter Quinn said he was not involved in the matter and added perhaps there was no logical or commercial sense involved.

Peter Quinn agreed, when he swore an affidavit in the injunction proceedings, he did so on behalf of all the Quinn defendants. He said he addressed matters within his own knowledge in that affidavit and had not asked the other defendants about matters not within his knowledge.

Here is how the non-normal people do things.

...and is there any legal consequence for making concerted efforts to deprive your creditors of their dues and trying to feather the nests of your relatives?

There is is well tested priniciple of fradulent conveyance. Very commonly used by creditors in US/UK corporate bankruptcy. It should be enshrined in Irish Companies Acts as it is in other developed countries. but the fact that it hasnt been mentioned in the reporting on the case makes me a little worried that we dont have legislation that covers it. would have thought it was a common law principle tho.

"A transfer will be fraudulent if made with actual intent to hinder, delay or defraud any creditor. Thus, if a transfer is made with the specific intent to avoid satisfying a specific liability, then actual intent is present. However, when a debtor prefers to pay one creditor instead of another that is not a fraudulent transfer.[1]"

http://en.wikipedia.org/wiki/Fraudulent_conveyance