The former boss of the Quinn Group conglomerate, who was formerly named the richest businessman in Ireland, Sean Quinn, has officially been declared bankrupt in a Dublin court.
Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, is also continuing to pursue his debts of over $2.7 billion (€2.1 billion).
Bankruptcy was declared on Monday morning after lawyers removed his opposition to the order sought by Anglo Irish Bank.
The declaration will be followed by an investigation into Quinn’s finances. It is Anglo Irish Bank’s hope that this investigation will reveal capital and assets which will repay his debt of over $2.7 billion.
Associated Press reported that Quinn was not in Ireland’s Commercial Court to hear the ruling from Justice Elizabeth Dunne, on Monday. Dunne told Quinn’s lawyer Gavin Simons that he would have to provide documents to prove how much he is worth.
In April, the IBRC appointed a share receiver to take over the Quinn family’s equity interest in Quinn Group. This conglomerate includes businesses such as building materials and insurance, and real estate before it was closed.
The ruling in Dublin comes after last week’s court hearing in Belfast on 10th January. Quinn had filed for bankruptcy in Belfast. The court ruled that his main center of business was in the Republic of Ireland rather than Northern Ireland.
In Northern Ireland, those who file for bankruptcy can return to business within 12 months.
In an emailed statement to Bloomberg, Sean Quinn said on Monday, “Today Anglo achieved their goal of ensuring that I will never create another job…The position of the Irish taxpayer could have improved significantly, by a more reasonable approach to the issues involved.”
In 2008 Forbes magazine estimated that Quinn was worth $6 billion.