AS SEÁN Quinn filed for bankruptcy yesterday, accounts filed for the Slieve Russell hotel, which he founded, show it incurred a loss of €45.4 million in 2009, after the company took an impairment charge of €43.3 million on fixed assets.
Irish Bank Resolution Corporation, formerly Anglo Irish Bank, has been in control of the hotel since April this year when a share receiver was appointed to the Quinn Group. The company was previously controlled by Mr Quinn’s daughter Brenda Quinn.
The Quinn family is pursuing legal action to overturn the appointment of the share receiver.
Accounts for Slieve Russell Hotel Property Limited for 2009 show turnover at the hotel dropped by 19 per cent to €14.2 million in 2009, from €17.6 million. The company owes IBRC €65 million plus €1.9 million in interest charges.
The company’s total liabilities exceeded its total assets by €51.8 million, and the auditors note the company is dependent on the continuing support of its bankers.
