The settlement agreement between the Quinn offspring and Irish Bank Resolution Corporation (IBRC) is a landmark moment in the history of the state-owned bad bank, formed from the mortal remains of Anglo Irish Bank and Irish Nationwide Building Society. Two Quinn-related cases loomed large: that taken by the Quinn children against IBRC, and the case the liquidators were pursuing against Quinn family members and group companies alleging that €455 million worth of assets had been put beyond their reach. Now, the Quinns and IBRC, for so long antagonists, must notionally work together to maximise the value to the State-owned bank. Last weekend the Sunday Times reported that IBRC had secured control of the Q City skyscraper in Hyderabad, India. But while the conclusion of the Quinn actions removes the biggest blockage to achieving this, the way is not yet totally clear.

Source: The Irish Times April 03, 2019 00:01 UTC