A businessman who was at one time believed to be Ireland’s richest man has declared bankruptcy after racking up debt problems of £2.4 billion.
Sean Quinn, 64, was the head of a manufacturing and insurance business empire before he was declared bankrupt. At the peak of his career, the businessman was believed to have been worth £3.7 billion.
However, he has now declared bankruptcy over an alleged £2.4 billion he owes to Anglo Irish Bank. Quinn no longer has control of his business empire, but he and his family are currently in the middle of a lengthy legal battle with the bank.
Quinn’s bankruptcy order, confirmed at Belfast High Court recently, is said to be one of the largest ever made in Ireland, or in the rest of the United Kingdom. The businessman reportedly chose to have his bankruptcy application addressed north of the border, as he was born in County Fermanagh and worked there most of his life.
A bankruptcy order in Northern Ireland will also see him back in business in just six years, rather than the 12 years stipulated in the Republic’s courts. However, the Anglo Irish Bank – now known as the Irish Bank Resolution Corporation (IBRC) – is disputing Quinn’s claims to be a resident of Northern Ireland.
Speaking of his decision to declare bankruptcy, Quinn said in a statement:
“I have done absolutely everything in my power to avoid taking this drastic decision.
“The vast majority of debt that Anglo maintains is owed is strenuously disputed. I cannot, however, now pay those loans which are due.”