Belfast Telegraph

Business career over, admits Quinn

Sean Quinn, once Ireland's richest man, has admitted his business career is over after being declared bankrupt.

Accusing the former Anglo Irish Bank, now rebranded as Irish Bank Resolution Corporation (IBRC), of pursuing a vendetta against him, he insisted a more reasonable approach could have been taken to his near 3 billion euro debts.

"Today Anglo achieved their goal of ensuring that I will never create another job," he said.

The ex-billionaire tycoon had declared himself bankrupt in Belfast - under less stringent UK insolvency legislation - last month, claiming to have assets of about £50,000 and the right to a small pension of about £10,000 a year.

But IBRC had the ruling in Northern Ireland overturned last week and immediately brought proceedings against the man once known as "The Mighty Quinn" at the High Court in Dublin.

Before a packed court number six in the Four Courts complex, Mr Quinn's solicitor Gavin Simons said his client would not challenge the application.

Mr Quinn, who did not turn up for the brief hearing, later issued a statement claiming the state-owned IBRC had no better chance of recovering money from him for the Irish taxpayer as a result.

"Given the expense incurred by Anglo in having my Northern Ireland bankruptcy overturned and the fact that today's judgment in no way improves Anglo's prospects of recovering money for the taxpayer, their actions clearly prove that it is a personal vendetta," he said. "The position of the Irish taxpayer could have improved significantly, by a more reasonable approach to the issues involved."

Under stricter Irish insolvency law, 65-year-old Mr Quinn will be frozen out of business for up to 12 years. He could have emerged from bankruptcy in the North after 12 months.

Mr Quinn, who lives in Co Cavan, had argued in Belfast that he operated from an office in his native village of Derrylin, Co Fermanagh, Northern Ireland. The former insurance, cement, glass and property magnate had said he was working on new ventures before the ruling.

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