One of Ireland’s richest men has declared himself bankrupt in the UK over debts of 2bn (£1.7bn) to the former Anglo Irish Bank
One of Ireland’s richest men has declared himself bankrupt in the UK over debts of €2bn (£1.7bn) to the former Anglo Irish Bank.
Sean Quinn made the application in Northern Ireland because he said he was “born, reared and worked all my life in Northern Ireland”.
The bankruptcy order was made in Belfast high court. If he had chosen to declare himself bankrupt in the Republic, Quinn would have had to wait for 12 years before seeking a bank loan or establishing any new company.
The property tycoon and owner of one of Ireland’s largest insurance firms owes huge amounts to the debt-ridden Anglo Irish Bank.
In a statement on Friday Quinn said the vast majority of debt that the bank maintained he owed was “strenuously disputed”. But Quinn admitted he could not pay back the loans that were due.
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