Belfast Telegraph

Sean Quinn declared bankrupt in Republic of Ireland

Sean Quinn, the Fermanagh businessman and Ireland's former richest tycoon, has been declared bankrupt in the Republic of Ireland.

The ex-billionaire faced proceedings from the Irish Bank Resolution Corporation - rebranded from the rogue lender Anglo Irish Bank - after wracking up debts of 2.8 billion euro (£2.3 billion) in secret share deals.

In a packed court number six in Dublin's Four Courts, Gavin Simons, solicitor for Mr Quinn, said his client did not object to the application.

The 63-year-old did not attend the short hearing.

It is expected the High Court will examine Mr Quinn's assets and he will be obliged to hand over documentation to establish how much he is worth.

Mr Quinn had declared himself bankrupt in Belfast last month only for that to be overturned after the IBRC appealed the decision.

The former insurance, cement, glass and property magnate now faces a court order barring him from running a company for the next 12 years rather than two years if imposed by a UK court.

The IBRC is also in ongoing disputes with some of the Quinn family over ownership of overseas assets.

Belfast Telegraph

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