Ex-tycoon Sean Quinn's wife's 'didn't know' she had £2.5m bank loan
The wife of ex-tycoon Sean Quinn, once the richest man on the island of Ireland, says she was not aware she had a £2.5m personal loan from Anglo Irish Bank.
Patricia Quinn, who is being sued by Anglo, has claimed that she is a housewife and "has always been a housewife" despite serving as a director of numerous companies within the Quinn Group formerly led by her husband.
Mr Quinn was declared bankrupt by the High Court in Belfast last Friday.
His wife has been given two weeks by the Commercial Court in Dublin to file a defence in which she will seek to escape her liability from the joint and several personal loans obtained by the couple in December 2006.
Mrs Quinn will attempt to escape repayment of the €3m loan on the grounds that she signed the document by mistake, without knowledge of its meaning.
If it succeeds, she will not have to repay the loan.
The three-year loan, accepted by Mr and Mrs Quinn on December 14, 2006, was classified by Anglo -- now known as the Irish Bank Resolution Corporation Limited (IBRC) -- as a personal loan and the couple provided an assignment of a life policy on them both as security for the loan.
However, lawyers for Mrs Quinn told High Court judge Mr Justice Peter Kelly yesterday that she derived no benefit from the loan, the proceeds of which, it is claimed, were directed to a Quinn Group company called Quinn Manufacturing Limited.
The facility letter for the loan, which was negotiated away from the business premises of the bank, stipulated that the loan documents had to be signed in the presence of a representative of the bank.
But Mrs Quinn, who opposed transfer of the debt case to the fast-track Commercial Court, says that she never stepped foot inside of Anglo and never met a bank representative about the loan.
"Mrs Quinn is a housewife and has always been a housewife," said her lawyer Bill Shipsey SC, who added that Mrs Quinn will say that she did not understand or know that the proceeds of the loan were given to a Quinn company.
Personal Loans Discharged Bankruptcy - News
Most of the debts held by people that are filed for a bankruptcy discharge are unsecured debts. These are debts such as credit cards, medical bills, some personal loans and utility bills. These debts are considered unsecured because they are not
Mr Quinn was declared bankrupt by the High Court in Belfast last Friday. His wife has been given two weeks by the Commercial Court in Dublin to file a defence in which she will seek to escape her liability from the joint and several personal loans
You've proposed that student loan debt should be discharged in bankruptcy. Could you elaborate on how exactly that would work if such a measure would pass? "The legislation I'm working on right now, it would allow student loan debt to be discharged in
The loan limits are also higher during the junior and senior years in college. Federal Parent PLUS loans require the borrower to not have an adverse credit history. An adverse credit history occurs when the borrower has had a bankruptcy discharge,
The Irish Times also reports that developer John Fleming, whose businesses were placed in liquidation last year with debts of €1 billion, was discharged from bankruptcy in Britain yesterday, giving him a financial clean sheet in that country.
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One of the most damaging aspects of bankruptcy is the damage it does to ones self-esteem. Guilt, having to take such a drastic measure, worry about unpaid creditors, all contribute to a sense of failure that is really unnecessary. You are not alone in your tribulation. You will not be the last or the first who needed to seek relief with bankruptcy or by taking a personal loan after bankruptcy. Notwithstanding all this, you must admit that the sense of relief is sublime – a good night’s sleep a blessing. And landing a personal loan after bankruptcy may add to that relief. Any debts qualifying under this priority are no longer your responsibility. (This lower debt load will help you get a personal loan after bankruptcy.) It does not stop there. It prohibits any creditor or their representatives from hounding you for repayment. This applies across the board, from phone calls, to letters of demand, to any means the creditor may stoop to wrest funds from you. Some debts, taxes, child support, and the like, will remain owed by you even after the bankruptcy and you will still be responsible for them. But, even at that, responsibilities are so much more easy to face. None of this will affect your ability to get a personal loan after bankruptcy. Lenders do exist who are willing to lend to folks who have experienced bankruptcy. If you need some guidance, personal loan options abound and here are some tips to getting funded. Before you venture into the personal loan market – and your best bet would be the internet – be aware that there are predators out there who will prey on your low self-esteem and other vulnerabilities to take your cash and offer little in return. Trying to get a personal loan after bankruptcy with these shysters will only cause you more trouble. Once you have located a number of lenders willing to fund loans for those with bankruptcy, check their qualifications carefully before applying.
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