Belfast Telegraph

Sean Quinn told to pay back just £15,000 of his debts

By Nicola Anderson

He once owed €1.2bn (£935m), but former billionaire Sean Quinn will pay back just €20,000 (£15,500) as he emerges from bankruptcy.

Formerly Ireland's richest man, the Fermanagh native has now accepted a deal with the Republic's official bankruptcy supervisor that will see him pay back €10,000 annually for the next two years.

It will be taken from any income earned in his new role as a consultant to part of his former empire.

The money will most likely go towards the pot for his creditors, mainly the Irish Bank Resolution Corporation, the body formed in 2011 by the merger of the state-owned Anglo Irish Bank and Irish Nationwide Building Society.

But it is just a fraction of the €1.2bn debt Mr Quinn faced when he was declared bankrupt three years ago this week, with just €300 to his name.

The former billionaire is set to be discharged officially from his debts to the IBRC on Friday.

Mr Quinn was not present yesterday for the hearing in the Dublin High Court, nor were any of his family members. During recent years his family have been accused of moving assets abroad to keep them out of reach of the former Anglo Irish Bank. The 67-year-old and his son Sean Quinn jnr both served time in jail in 2012 for contempt of court.

But now he is back working for the firm that he helped build, working as a consultant after a consortium bought back part of his old Quinn empire. Mr Quinn returned to the Derrylin Headquarters to cheers ahead of Christmas, to share a crate of beer and whiskey with employees.

A spokesperson for the company last night said the remuneration package for Mr Quinn's new role as consultant has not yet been discussed.

"We have not discussed it at all," said John McCartin, a Fine Gael councillor who is a non-executive director with Quinn Industrial Holdings.

Belfast Telegraph


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