[ exact phrase in "" • results by date ]

[ Google-powered • results by relevance ]


News Home

Subscribe to RSS feed

Add NWW headlines to your site (click here)

Sign up for daily updates

Keep Wind Watch online and independent!

Donate $10

Donate $5

Selected Documents

All Documents

Research Links


Press Releases


Publications & Products

Photos & Graphics


Allied Groups

Former Quinn wind energy company in administration  

Credit:  BBC News, www.bbc.co.uk 13 January 2012 ~~

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.

Source:  BBC News, www.bbc.co.uk 13 January 2012

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

Wind Watch relies entirely
on User Funding
Donate $5 PayPal Donate


News Watch Home

Get the Facts Follow Wind Watch on Twitter

Wind Watch on Facebook


© National Wind Watch, Inc.
Use of copyrighted material adheres to Fair Use.
"Wind Watch" is a registered trademark.