Sean Quinn not off the IBRC hook in spite of liquidation

Sean Quinn, his son and nephew, were found to be in contempt of court

The liquidation of the former Anglo-Irish bank does not mean that its most controversial debtor is off the hook.

Sean Quinn and his family owed the Anglo-Irish Bank around £2bn when the bank collapsed and the Irish Bank Resolution Corporation (IBRC) formed.

IBRC's task was to reclaim debts but relations with the Quinns were fraught.

IBRC pursued Sean Quinn Sr through the courts, resulting in a nine-week jail term for contempt of court for the bankrupt billionaire.

Meanwhile in the last week of January the bank continued its pursuit of Quinn's children.

Collette Quinn, Brenda Quinn and Ciara Quinn were all questioned in court.

Pursue

IBRC alleges asset-stripping in the Quinn's International Property Group and claims the family has not disclosed all the relevant documents relating to these property assets and their bank accounts.

In a dramatic day of negotiations, leaked information, late night Dail sessions, and emergency legislation the IBRC was liquidated on Wednesday.

This does not mean that the troubles of the Quinn family are over.

Minister of State at the Department of Finance Brian Hayes said in the Dail that any action by the bank in relation to the Quinn family would continue and the government would do everything it could to recover assets that belonged to the Irish people.

Debts due to IBRC will be transferred to a similar body, the National Assets Management Agency, to deal with.

Whether they pursue the Quinn family in the same way, or seek to strike a deal as they have done with bad debtors from other banks, remains to be seen.