Irish Billionaire Bankrupt, Court Says
January 16, 2012 by UPI - United Press International, Inc.
DUBLIN, Ireland, Jan. 16 (UPI) — Sean Quinn, once considered Ireland’s wealthiest man, was declared bankrupt in a Dublin court Monday.
The 64-year-old businessman who headed the Quinn Group and whose personal wealth Forbes magazine had estimated at $6 billion four years ago, had judgments of more than 2 billion Euros ($2.52 billion) against him, brought by the state-owned Irish Bank Resolution Corp., the Irish Times reported.
Quinn, who did not oppose the ruling by Justice Elizabeth Dunne, headed the privately owned Quinn Group, a conglomerate with holdings in cement and concrete products, container glass, general insurance, radiators, plastics, hotels and real estate.
Earlier this month, a bankruptcy ruling in Belfast, Northern Ireland, was annulled because Quinn’s main business interests were found to be in Ireland and not Northern Ireland. At that time, he told the court in Belfast he held assets of only 50,000 pounds ($76,500).
In the Republic of Ireland, it takes 12 years to emerge from bankruptcy. The time period in Northern Ireland is 12 months.