A judge in the North has ruled that former billionaire Sean Quinn is not entitled to file for bankruptcy in Northern Ireland.
Former billionaire Sean Quinn originally filed for bankruptcy in the North, because it meant he would have to pay back less money to his debtors, compared to filing for bankruptcy down in the South.
However, Quinn’s bankruptcy case was challenged by Anglo Irish bank (now the Irish Bank Resolution Corporation), which is seeking to recover millions in debt from the businessman.
Quinn previously claimed that he was entitled to file for bankruptcy in the North as it is his “centre of main interest” due to the fact that he operates from Fermanagh. However, the IBRC argued that Quinn’s main interests actually lie in the south – and the court agreed.
The bank claimed that a lease for his office in Fermanagh may have been back-dated for the purposes of the bankruptcy bid. The judge today stated that Quinn did not declare the office lease in his initial application to the court.
Today, Mr Justice Donal Deeny, sitting in the High Court in Belfast, ruled in favour of the bank and refused Quinn’s bankruptcy bid.
According to the Irish Independent, since Quinn asked to be declared bankrupt in Belfast in November, he has been hit with two separate judgments of €1.74bn and €416m by the Commercial Court in Dublin over loans from Anglo.
So, to say he’s up s**t creek with a turd as a paddle is bit of an understatement.
