Sean Quinn previous chairman/director of Quinn Insurance is to be investigated for apparently selling of land to his five children only a few weeks before filing for bankruptcy, this is according to a Irish newspaper.
Quinn was declared bankrupt last Friday for 2.8 billion Euro liability and debt, and it seems that the family home at Greaghrahan, Ballconnell, Co. Cauan, was sold to the Quinn children for 100,000 Euro in the beginning of October.
Mr Quinn's liabilities and massive borrowings from the Anglo Irish Bank were used to perhaps fund a host of foreign investments. Peter Kelly claims money owed from un-paid loans and guarantees, although court documents seen by the Irish Independent show the refinancing of the same loans to Mr Quinn and Quinn linked companies that provided the insurance markets with financial products such as Professional Indemnity Insurance.
Insurance particularly for solicitors who pay very high premium were happening even when the state took control of the bank. The legal fees to defend any investigation of Mr Quinn and his companies are likely to be a record amount and should Mr Quinn of provided himself and his company their own Professional Indemnity Insurance or Directors & Officers Insurance, via re-insurance or other supplier they would of course force high liabilities and massive legal costs in any investigation that is to take place.
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