Sean Quinn to answer questions in Belfast court over his Eastern European empire

Troubles come in battalions for Ireland's formerly richest man

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Sean Quinn photographed outside court in December.

Photo by journal.com

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Sean Quinn, once Ireland's richest man, is far from out of the woods. Quinn will now face another red letter court day in March at a hearing that will delve into his eastern European business empire in Russia and Ukraine.

Quinn was made bankrupt in the Republic earlier this month, and was stripped of control of his manufacturing and insurance empire last April over alleged $3 billion debts.

Perhaps anticipating trouble the court has extended injunctions against any disposal of Quinn's property and ruled the trial would receive priority treatment.

The prohibitions on all sales were obtained on behalf of the former Anglo Irish Bank, which is now publicly owned, and they relate to up to four companies believed to be major creditors of businesses, including a Kiev shopping centre.

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Two of the properties, Demesne Investments and Innishmore Consultancy, have registered offices in County Fermanagh.The others are based in the British Virgin Islands and Belize.

The latest moves in the long running Quinn sage came after the Irish Bank Resolution Corporation (IBRC) annulled the 65-year-old Fermanagh businessman's bankruptcy status in Northern Ireland.

According to a BBC report a share receiver was appointed to Quinn Finance Holdings, which holds a number of property investments for the family and injunctions were obtained on behalf of the newly controlled Quinn Finance.

The injunctions prevent creditor companies from bringing any action over loan agreements associated with the properties in Ukraine and Russia.

Prohibitions have also been placed on demanding payment or seeking to enforce the agreements, along with any attempt to discharge or pay out money in connection with them.

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