Quinns challenge to receiver opens

Family members of bankrupt businessman Sean Quinn 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.

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 passowrds and phones or any devices on which information about assets may be stored.

Thhe receiver is engaged in “an excessively voyeuristic intrusion into our personal lives” affecting information such as medical records, family photos, communicaitons 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 €2.34 billion, they added.

The family also want the court to discharge Mr Taite’s solicitors, Arthur Cox, alleging that firm is “heavily conflicted” on grounds including its involvement in the restructuring of Quinn companies.

Other concerns included that Cox is 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 Sean Quinn in Anglo, they said.

“Multiple partners” in Arthur Cox had undertaken very significant work for Anglo and it was clear the firm was receiving very substantial work from Anglo and/or its shareholder, the Department of Finance, they said.

The family complained of “overlapping” of senior staff between RSMFGS, Anglo and IBRC. Ian Duffy, former managing partner of RSMFGS,is a former director of Anglo; Anthony Carroll, manager of RSMFGS’ insolvency division since November 2012, was employed as an Anglo assistant manager for five years and David Crotty, assistant manager RSMFGS since January 2011, was previously employed for five years by Anglo/Irish Nationwide Building Society, he said.

Paul Brady, a solicitor with RSMFGS since September 2011, was previously employed by Anglo as a solicitor for two years.

The family also say Mark Breen, an assistant manager with IBRC since September 2011 was previously employed by RSMFGS while Marina Neagu, internal auditor with IBRC since June 2010, was previously employed as an auditor with RSMFGS.

The family said they were unaware of all these matters when they consented to the appointment of Mr Taite three months ago and denied their applciaiton is a bid to derail the receiver’s work.

via Quinns challenge to receiver opens – The Irish Times – Tue, Oct 09, 2012.

via Quinns challenge to receiver opens – The Irish Times – Tue, Oct 09, 2012.