Once Ireland’s richest man, Sean Quinn declared himself bankrupt at the High Court in Belfast last Friday, November 11, but the ‘validity’ of the application is under investigation.
Mr Quinn, former CEO of the Quinn Empire, who has lived just outside of Ballyconnell, Co Cavan for years made the voluntary application in Northern Ireland because he was “born, reared and worked all my life in County Fermanagh”.
He said he was making the application as the registered office and place of business of the Quinn Group companies was Derrylin in Co Fermanagh. He also said he was domiciled for tax purposes in Northern Ireland and his tax affairs were conducted in the UK.
On Monday, November 14 in the High Court in Dublin Senior Counsel Paul Gallagher for Irish Bank Resolution Corporation IBRC (formerly Anglo Irish Bank) said it had evidence which contradicted Mr Quinn’s claim that his centre of main interest was in Northern Ireland.
IBRC claims that Mr Quinn consistently indicated that his home address was Ballyconnell in Co Cavan in the annual returns of 95 companies of which he was or is a director. They also said he does not hold any directorships with active UK companies the court was told.
The bank intends to bring an application by the end of this week or early next week to have the bankruptcy annulled.
Last Friday, Sean Quinn said the vast majority of debt that Anglo Irish Bank maintains is owed is “strenuously disputed”. However, he added that he cannot pay those loans which are due.
Mr Quinn in a statement said, “I worked tirelessly to find a solution to the problems, which arose from the ill-fated investments in Anglo. Anglo, and more recently the Irish Government, are intent on making scapegoats of my family and I. Anglo has consistently ignored its own wrongdoing in affairs. Anglo has sought every means to avoid acknowledging the lack of corporate responsibility, the self interest, the illegal lending practices and lack of regulation that prevailed at the time, all of which are now the subject of High Court proceedings.”
To read the full story see this week’s Leitrim Observer.