He was once Ireland’s richest man – now Sean Quinn says he has just $15,000 in the bank and drives a car worth only $7,000.
The new figures have come to light as Ireland’s Anglo Irish Bank attempts to fight Quinn’s bankrupt status, obtained in a Belfast court last week.
The claims relating to Quinn’s current financial state were made during the sensational court case as the man once worth $7billion fights against massive debts.
Anglo Irish, the bank rescued by the Irish state at a cost of hundreds of billions, alleges that the Quinn family have been involved in moves in several countries to protect assets worth $700million from their creditors.
Quinn has responded by stating in legal documents that he handed full control of all his business interests to his family in 2002.
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Anglo, now known as Irish Bank Resolution Corporation, claims that the 64-year-old Quinn owes the bank almost $3billion, a figure he disputes.
The bank claimed in a court in Cyprus last month that the Quinn family had sold assets worth $200million to relations in return for a laptop computer and $1400 in cash.
The bank then told a Dublin court that the eleventh-hour bankruptcy proceedings in Belfast were ‘obviously planned’.
In his bankruptcy petition, Quinn said he has just three bank accounts with one holding just over a hundred dollars. Two separate accounts in Cavan account for the rest of his meagre assets.
Quinn said he had sought bankruptcy in the North to
‘try and move forward with the rest of my life’.
The new IBRC bank, formerly Anglo, has applied to the Dublin Commercial Court to annul Quinn’s insolvency proceedings in Northern Ireland as they claim that the Northern Ireland courts do not have jurisdiction over Quinn.
The Irish Independent has reported that, in his bankruptcy petition, Quinn listed forestry lands, owned jointly with his wife Patricia and worth $60,000, in his assets.
He also revealed two pensions, one valued at $220,000 which matured last September, and another valued at almost $60,000.
His monthly outgoings are $4,000 including $1,200 on housekeeping, £1,500 on gas, electricity and heating as well as $130 a month on travel and the same again on clothing. Quinn says he has no income.