From Ireland's richest man to bankrupt
Ireland's one-time richest man has gone bust after a series of secret stock market gambles.
Sean Quinn, an entrepreneur who started with a £100 loan and amassed a fortune of £3.7bn, declared himself bankrupt yesterday amid wrangling over the extent of his debts and a bitter row over who was responsible.
He says he owes about €194m (£166m) to the bank, but the Irish Bank Resolution Corporation (IBRC), the rebranded version of the former Anglo-Irish Bank, maintains he and his family owe the Irish state €2.9bn.
Mr Quinn's bankruptcy declaration in the High Court in Belfast means he could be free of his debts in a year. Had he taken the same move in the Republic, he would be out of business for 12 years. The IBRC issued a statement yesterday disputing that Mr Quinn, pictured, is resident in Northern Ireland and claimed the family live in Co Cavan, on the southern side of the border. The bank is questioning the validity of the bankruptcy declaration. Mr Quinn's downfall came after he invested in Anglo-Irish shortly before the share price slumped as the economy faltered. He believes he could have paid off the debt and recovered had Anglo not taken control of the Quinn Group of companies. Anglo is under investigation by the fraud squad and a corporate watchdog in Ireland. Mr Quinn said: "I've 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."
- 1 Tourist films plane's descent just metres above packed Caribbean beach
- 2 Kate Moss: Previously unpublished nude photo revealed by Mert and Marcus
- 4 World Book Day: Boy 'excluded' from school after dressing up as Fifty Shades' Christian Grey
- 5 Bad Jews poster 'censored' on London Tube
Tourist films plane's descent just metres above packed Caribbean beach
Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
Becky Watts: Four appear in court charged with hiding body parts after teenager's death
Isis 'bulldozes' Nimrud: UNESCO condemns destruction of ancient Assyrian site as a 'war crime'
Professor Brian Cox brands astrology-believing Tory MP David Tredinnick an 'outlier on the spectrum of reason'
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Durham Free School: 'Creationism taught at' free school facing closure
End of the licence fee: BBC to back radical overhaul of how it is funded
Elif Shafak: Turkish author warns against rise of British nationalism
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
£65000 per annum: Ashdown Group: Technical Presales Engineer - central London ...
£20000 - £50000 per annum: Recruitment Genius: A Physiotherapist / Sports Ther...
£8 - £9 per hour: Recruitment Genius: Sales Executives / Advisors are required...
£14000 - £15000 per annum: Recruitment Genius: An opportunity has arisen for a...