Quinn declared bankrupt by court

[caption id="attachment_69230" align="aligncenter" width="600" caption="Sean Quinn."]


Sean Quinn, once considered Ireland's richest man, has been declared bankrupt by a court in Dublin.

The former billionaire tycoon did not oppose the application before the High Court on Monday, January 16.

The application was brought on behalf of the Irish Bank Resolution Corporation, formerly "rogue lender" Anglo Irish Bank, on the basis that Mr. Quinn had debts of €2.8 billion from secret share deals.

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Earlier this month, the state-owned bank had Quinn's bankruptcy adjudication in Northern Ireland, declared last November, annulled on the basis that his main interests were based in the Irish Republic as opposed to in the North as he had claimed.

Although the 63-year-old was not in court, Ms. Justice Dunne said he should make himself available to receive legal documents.

In the Republic, people who have been declared bankrupt have to wait 12 years before they can emerge from bankruptcy while in Northern Ireland the equivalent period is just 12 months.