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| Version 2 | Version 3 |
|---|---|
| Sean Quinn says business centred in Northern Ireland | Sean Quinn says business centred in Northern Ireland |
| (40 minutes later) | |
| The High Court in Belfast has heard that Sean Quinn has moved his centre of main business interests to an industrial estate in Derrylin. | The High Court in Belfast has heard that Sean Quinn has moved his centre of main business interests to an industrial estate in Derrylin. |
| The centre of main interests is the key point in IBRC's attempt to annul Mr Quinn's bankruptcy. | The centre of main interests is the key point in IBRC's attempt to annul Mr Quinn's bankruptcy. |
| The bank claims Mr Quinn's main interests are in the Republic of Ireland which invalidates the bankruptcy move in Northern Ireland. | The bank claims Mr Quinn's main interests are in the Republic of Ireland which invalidates the bankruptcy move in Northern Ireland. |
| However, Mr Quinn says his main interests are in Fermanagh. | However, Mr Quinn says his main interests are in Fermanagh. |
| The former Anglo Irish bank, now the Irish Bank Resolution Corporation (IBRC), which says it is owed 2.8bn euros (£2.4bn) by Mr Quinn, has challenged Mr Quinn's decision to file for bankruptcy in Northern Ireland. | The former Anglo Irish bank, now the Irish Bank Resolution Corporation (IBRC), which says it is owed 2.8bn euros (£2.4bn) by Mr Quinn, has challenged Mr Quinn's decision to file for bankruptcy in Northern Ireland. |
| Gabriel Moss QC for the bank said that Mr Quinn's "alleged new office" in Northern Ireland is not a place of business, meaning Mr Quinn's home in Ballyconell, County Cavan in his centre of main interests. | Gabriel Moss QC for the bank said that Mr Quinn's "alleged new office" in Northern Ireland is not a place of business, meaning Mr Quinn's home in Ballyconell, County Cavan in his centre of main interests. |
| Mr Moss said that under European law, the centre of main interests must also be "ascertainable" to third parties and that Mr Quinn's Derrylin premises do not meet that test. | Mr Moss said that under European law, the centre of main interests must also be "ascertainable" to third parties and that Mr Quinn's Derrylin premises do not meet that test. |
| Mr Moss said Mr Quinn used the Derrylin office as a place to manage his litigation with the bank and in that respect it could not be considered a place of business. | |
| He also said that Mr Quinn was within his rights not to tell the bank about his new office, but his failure to do so "may place him in difficulties" when it comes to his claim that it is his centre of main interests. | |
| Stripped of control | Stripped of control |
| Mr Quinn, 63, was granted a voluntary adjudication over the alleged debt in November. | Mr Quinn, 63, was granted a voluntary adjudication over the alleged debt in November. |
| It is believed to be one of the biggest bankruptcy orders of its kind ever made in the United Kingdom or Ireland. | It is believed to be one of the biggest bankruptcy orders of its kind ever made in the United Kingdom or Ireland. |
| Mr Quinn was stripped of control of his manufacturing and insurance business empire in April. | Mr Quinn was stripped of control of his manufacturing and insurance business empire in April. |
| He and his family are engaged in a legal battle with the bank. | He and his family are engaged in a legal battle with the bank. |
| Mr Quinn was reputedly worth 4.72bn euros (£3.7bn) at the height of his success. | Mr Quinn was reputedly worth 4.72bn euros (£3.7bn) at the height of his success. |
| He said he brought the application north of the border because he was born, reared and worked all his life in County Fermanagh. | He said he brought the application north of the border because he was born, reared and worked all his life in County Fermanagh. |
| But by declaring himself bankrupt in Northern Ireland it also means he only has to wait a year before going back into business - rather than 12 years in the Republic. | But by declaring himself bankrupt in Northern Ireland it also means he only has to wait a year before going back into business - rather than 12 years in the Republic. |
| The IBRC disputed Mr Quinn's claim that he is resident in Northern Ireland. | The IBRC disputed Mr Quinn's claim that he is resident in Northern Ireland. |
| The hearing is expected to last for two days. | The hearing is expected to last for two days. |