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Former Quinn wind energy company in administration
Credit: BBC News, www.bbc.co.uk 13 January 2012 ~~
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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.
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