Former Quinn wind energy company in administration

Sean Quinn Sean Quinn was formerly Ireland's richest man

Related Stories

A wind energy company which was controlled by members of Sean Quinn's family has been placed into administration.

Mr Quinn, formerly Ireland's richest man, faces bankruptcy proceedings in Dublin on Monday after his NI bankruptcy was annulled.

He lost control of his business empire last year when former Anglo Irish Bank appointed a receiver over a £2bn debt.

Some Quinn family assets remained outside the receivership process.

These included wind farms and a golf course.

An administrator was appointed to Quinn Wind Energy Ltd on Tuesday but it is not yet clear who appointed them.

Mortgage documents suggest that the company controlled the Slieve Rushen wind farm near Derrylin in County Fermanagh.

The company's most recent accounts are for the year ended December 2009 and were signed off on 22 December 2011.

They list the firm's bankers as Bank of Ireland and the balance sheet suggests the bank is owed about £12m.

An Allied Irish mortgage was registered against the firm in 2004 and a Dankse bank mortgage in 2009 though it is possible that both of these mortgages have been settled.

The company's registered office is at Derrylin. Its director is Mr Quinn's son, Sean jr, and the company secretary is Mr Quinn's daughter, Colette.

The accounts state that the firm is in the ultimate control of a Republic of Ireland company, Quinn Wind Ltd, which is "under the control of close family members of Mr S Quinn."

Quinn Wind Energy had a turnover of £9.7m in 2009 and showed a pre-tax loss of £1.7m.

A note in the accounts states that £1.5m of the loss relates to a debt that is unlikely to be repaid by the Quinn Group.

The Quinn Group is now under the effective control of the former Anglo Irish Bank which is engaged an international legal battle with the Quinn family.

More on This Story

Related Stories

More Northern Ireland stories

RSS

Features

  • The Duchess and Duke of Cambridge and Prince GeorgeGorgeous George

    Baby steals show as tour reveals rise in support for monarchy


  • Houses of ParliamentBig impact?

    How a Scottish Yes vote would change the UK Parliament


  • Kim Jong-un visits a children's campThe Notepad Men

    Who are the people who take down Kim Jong-un's every word?


  • Donald Tusk7 days quiz

    What made Poland's prime minister become an internet hit?


  • Beebcoins logoMaking money

    How easy is to coin your own virtual currency?


BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.