Anglo Irish Bank, the now wholly Irish taxpayer owned institution, plan to pursue the assets of Ireland's formerly richest man Sean Quinn, after he was declared bankrupt in the Irish High Court this week.
The onetime billionaire has acknowledged that his business career is over and his bankruptcy has been made official, however, the tussle between the bank and the former billionaire is far from over.
Now Quinn, 65, must supply a list of his assets and make himself available to the court appointed official who is charged with taking control of his financial affairs. Few now imagine Quinn will be in a position to pay back his massive debts.
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Last November, he announced that he had assets worth less than $60,000 when he applied for bankruptcy at the High Court in Belfast.
Soured by the loss of his fortune and by attempts to make good on his debts, Quinn has often claimed that the Irish Banking Resolution Corporation (IBRC) are pursuing a personal vendetta against him.
In a statement to the Irish Times this week, Quinn said that the IBRC had 'achieved their goal of ensuring that I will never create another job.'
Currently, the IBRC are waiting for the court appointed bankruptcy official to investigate Quinn's affairs, in the hope of determining what assets, if any, can be recouped on behalf the Irish taxpayer.
In court documents that were filed last year in Cyprus, the bank alleged that members of the Quinn family were involved in a 'conspiracy' to move some of their property assets beyond the reach of the bank.
IBRC has filed lawsuits in the UK, Ireland, Sweden, and Ukraine to try to prevent the transfer of properties it claims are mortgaged to the bank.
The bank added its focus was to recover as much as possible from assets over which it had security.
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