DUBLIN – A famed entrepreneur who was once rated Ireland’s richest person has been declared bankrupt in a Dublin court as a bank pursues him for debts exceeding 2.1 billion euros ($2.7 billion). Lawyers for Sean Quinn withdrew his opposition Monday to a Republic of Ireland bankruptcy order sought by the former Anglo Irish Bank, the financial institution at the center of Ireland’s property boom and bust.
Quinn had a reported 2007 net worth of 4.7 billion euros but sank much of his fortune into Anglo. The failing bank was nationalized in 2009, destroying Quinn’s stake. The bank last year was renamed the Irish Bank Resolution Corp., or IBRC. Earlier this month IBRC overturned Quinn’s bid to seek bankruptcy protection in the neighboring British territory of Northern Ireland.
16 January 2012 | 21:37 Viewed 246 times