Quinlan UK’s bankruptcy petition is delayed
The court date for the bankruptcy of Celtic Tiger-era real estate investor Derek Quinlan has been postponed following a request from Edgeworth Capital, the fund owned by billionaire Robert Tchenguiz.
According to a consent order of the UK High Court issued in March, Edgeworth demanded secure documents from Gerard Murphy, a longtime associate of Mr Quinlan, and Owen Kelly. Edgeworth said the documents were under Mr Quinlan’s control and should be disclosed by him.
The consent order says that Mr. Quinlan, Mr. Murphy and Mr. Kelly have reached an agreement with Edgeworth on the documents that could lead to their sharing.
A UK High Court of Justice order on business and property dated May 17 shows Edgeworth has sought to set aside and re-enter the trial date of April 30. Edgeworth and Mr. Quinlan recently requested an extension of the time limit for filing witness statements.
Edgeworth also requested that his request to quash the trial be heard in private.
Justice Snowden has ordered the trial, which was scheduled to begin within a five-day window from June 14, be called off.
He also ordered that an additional hearing be scheduled for June 16. The hearing must “deal with and determine” such matters as the re-entry of the trial and all outstanding requests for disclosure.
Lawyers for Mr Quinlan and Edgeworth did not respond to a request for comment.
A bankruptcy claim against Mr Quinlan was filed in February 2019 by Edgeworth. Mr Quinlan then sued Edgeworth. This is a dispute over a claim on the Santander office complex near Madrid.
Mr. Quinlan and former business partner Glenn Maud bought the offices for 1.9 billion euros in 2008 through Marme, owned by their investment company Ramblas, mainly through various loans. Edgeworth and Aabar, Abu Dhabi’s sovereign wealth fund, acquired one of the loans.
A previous judgment said Edgeworth claimed Mr Quinlan owed around € 80million.
In April 2019, Mr. Quinlan did not obtain an injunction preventing the bankruptcy proceedings.