The Quinlan Files: Bankrupt property investor received large cash transfers from company chaired by his wife
Bankrupt property investor received large cash transfers from company chaired by his wifeThe lodgements to the UK account started in May 2021 and ran until April 2022. Quinlan was insolvent at the time, broke, but not yet officially bankrupt – that wouldn’t happen until November 2022. Yet in the long run-up to it, he was spending heavily, according to documents filed for of his case in London., a solicitor.
“I’ve got a schedule,” said Jacob Beake, a Begbies Traynor accountant and insolvency practitioner who was one of the three trustees scrutinising Quinlan’s affairs on behalf of the official receiver. “I just wanted to understand what work you were doing for them during the time to generate these fees.”
On one side of the battle was Irish developer Paddy McKillen snr allied with the royal family of Qatar; on the other were the Barclay twins, who owned the Daily Telegraph newspaper. Nama’s executive brought its concerns about the cost of the house in Monaco to the board of directors of the agency. It said it could not consider an exit deal for him unless “Nama is satisfied with ability to fund the accommodation in which he is currently residing”. Later in 2018, Quinlan sent a €2.5 million tax rebate he got from Revenue to his wife to help fund their lifestyle.
Quinlan was by this stage, according to his bankruptcy documents, spending £50 per month on newspapers, £3,500 on food shopping, £1,000 on alcohol, £200 on hairdressing, £300 on Uber taxis, £151 per month on phone and internet charges and £230 per month on public transport costs. “I also suffer from chronic kidney disease, type 2 diabetes, and hypertension,” Quinlan told the court. “I was discharged from St Thomas’s Hospital on October 17th, 2022, where I was under the care of the heart failure team and I have been advised to rest, recuperate and avoid stress. Clearly the stress and anxiety caused by is not assisting my recovery.”
“Quinlan at the time was said to be seriously ill and to have been admitted to intensive care in Monaco,” the judge wrote. “It turns out that, when the medical evidence was produced, medical evidence which I record Mr Quinlan’s solicitors resisted producing, that was simply not true. Another feature of his insolvency case has been the focus on the breadth of personal professional advisers he hired while in his pomp, and also while fighting insolvency and as a bankrupt. In his questionnaire for bankruptcy officials, Quinlan declared just one set of professional advisers – Clarke Wilmott solicitors. He wrote “No” to another question asking about his use of any other advisers.
Early in his bankruptcy battle, Quinlan was represented by solicitors from London firm Cooke, Young & Keidan , who later came off record as his legal representatives and are listed as a creditor in his bankruptcy documents with an unpaid debt of £1.12 million. Similar apartments in the block in Monaco in which your client and his spouse reside rent for in the region of €30,000 per month
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Quinlan Files: the lifestyle, debt and bankruptcy of Derek QuinlanIn the News podcast: London Correspondent Mark Paul on the results of a 10-month investigation into Nama’s biggest debtor
Read more »
Derek Quinlan says Nama told him not to ‘say anything negative’ to banking inquiryThe former property tycoon’s interactions with Nama emerged in documents filed as part of his UK bankruptcy
Read more »
Derek Quinlan despairs of escaping from Nama’s shadowThe best news, analysis and comment from The Irish Times business desk
Read more »
My remuneration ‘was substantial’: The interview transcript Derek Quinlan didn’t want made publicIn October 2023, the Irish financier attended a meeting in London to discuss elements of his financial affairs with one of the trustees of his bankruptcy in the UK
Read more »
Bankrupt property tycoon Derek Quinlan gave undeclared €2.5m tax refund to his wifeNewly obtained UK court records show that the Celtic Tiger property investor who still owes €400 million through Nama used tax rebate to fund his living expenses
Read more »
Derek Quinlan: The ex-property king who had to declare haircuts to a bankruptcy officialBankruptcy finally caught up with tycoon Derek Quinlan, an ex-tax inspector famous during Ireland’s boom
Read more »