Sean Quinn given three weeks to co-operate with IBRC
The bankrupt former billionaire, Sean Quinn, has been given three weeks to co-operate with the state-owned bank that is seeking control of his assets.
Mr Quinn, his son Sean and nephew Peter Darragh Quinn were found on Tuesday to be in contempt of court.
The High Court in Dublin ordered them to reverse the movement of assets out of the former Anglo Irish Bank's reach.
The judge will look again on 20 July at their co-operation with the Irish Bank Resolution Corporation (IBRC).'Great wrong'
At the High Court in Dublin on Friday, Ms Justice Elizabeth Dunne warned she would "not stand idly by" while court orders were breached.
The judge made it clear that the men could still face jail if they do not obey a range of court orders.
She said it was disappointing that, even at this stage, there had been no acknowledgement from the Quinns of the "great wrong they had done".
The judge made a number of orders which must be complied with by 20 July, including:
- Full disclosure of all assets worldwide in which the three hold an interest;
- A receiver be appointed over all assets, except for family homes and joint accounts;
- The men must resign from the board of directors or from any managerial role in any company or body within the International Property Group (IPG).
Lawyer for the IBRC, Paul Gallagher, said although the bank's primary concern was the recovery of the international property portfolio, in the interests of the proper administration of justice, it may be necessary for the court to "take punitive action" and jail the mem.
Mr Gallagher said it was extraordinary that there had been no apology from the Quinns and no acknowledgement of the scale of the contempt.
He said they had come to court with no proposals to remedy the situation.
The lawyer added that the bank had still no information about what the whereabouts of some $35m annual rental income from IPG properties.
The Quinns' lawyer, Bill Shipsey, said the orders being sought by the bank were "draconian" and went "way beyond" the court's original findings of contempt.
He sought additional time to deal with the issues, but Ms Justice Dunne said she was anxious that this be dealt with as a "matter of urgency" and to "make sure nothing happens which shouldn't happen" to rectify the breaches she had found.
The men have until 20 July to comply when the case returns to the High Court.