Irish Billionaire Declares Bankruptcy
Sean Quinn was once listed as one of Forbes’ richest men and today Mr. Quinn falls to the deteriorating banking crisis that is sweeping the globe and forcing him to declare bankruptcy.
Working hard since the age of 14, Sean Quinn, an Ireland native, founded a quarry business with a 100(GBP) loan in 1973 which would eventually grow into a billion dollar real estate company.
What lead to the fall of Quinn’s lucrative business was his risky involvement with Anglo Irish Bank. Anglo Irish is at the center of Ireland’s banking crisis causing multiple legal battles between Quinn and his financial lender. When share prices fell for Anglo, all of Quinn’s assets started to unravel.
Reports indicate that Quinn accepts his debt of €200 million to Anglo for property and other various loans that were given during the property boom, but he disputes any other debts.
The Quinn family are fighting back by saying that the money they are allegedly owed is to cover failing bank's forced bail-out from the European Union and International Monetary Fund last year.
With assets all over the world, Anglo is suing the Quinn family in several countries.
Bankruptcy Abroad
Bankruptcy dealings in Ireland are much different than in the UK. In the UK one can declare bankruptcy and within a year get back to owning a business without having to pay back debts. In Ireland, the process can take up to 12 years.
Mr. Quinn’s bankruptcy is being looked at very closely, considering his lavish living and business endeavors.
Forbes mentions in a recent article:
"At his fortune’s peak, Sean Quinn was ranked the 164th wealthiest man on the planet in Forbes’ annual ranking of the world’s billionaires. Now he may best be remembered as the biggest individual loser of the 2008 global financial meltdown."