Sean Quinn Bankruptcy

January 17, 2012 by staff 

Sean Quinn BankruptcySean Quinn Bankruptcy, Sean Quinn, once Ireland’s richest man, was declared bankrupt after losing more than €1 billion ($1.22 billion) investing in the Anglo Irish Bank.

Judge Elizabeth Dunne ruled on the bankruptcy in Ireland’s High Court in Dublin on Monday. While Mr Quinn did not contest the bankruptcy petition brought by Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, he said the lender had a vendetta against him.

The corporation estimates Mr Quinn, whose fortune was valued at about $US6 billion ($5.8 billion) by Forbes magazine in 2008, owes the bank almost €2.9 billion.

In April the lender appointed a share receiver to take over the Quinn family’s equity interest in Quinn Group, a conglomerate whose businesses included building materials, insurance and real estate before it was split up.

Last week a Belfast court overturned a voluntary bankruptcy ruling on Mr Quinn in Northern Ireland. It ruled that his main business activities were in the Republic of Ireland, where the law allows a bankrupt to return to business after 12 months.

In November, the IBRC was awarded judgments in Dublin’s High Court of €2.16 billion against money owed by Mr Quinn.

Anglo Irish was nationalised in 2009 as its real estate loans soured. The state has injected about €30 billion into the lender to save it from collapse.

”Today Anglo achieved their goal of ensuring that I will never create another job,” Mr Quinn said. ”The position of the Irish taxpayer could have improved significantly, by a more reasonable approach to the issues involved.”

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