Former richest man in Ireland bankrupt

Belfast (Bloomberg) Sean Quinn, once ranked as Ireland's richest man, applied for voluntary bankruptcy in Northern Ireland yesterday, seven months after he lost control of the business group he founded in 1973.

"I have done absolutely everything in my power to avoid taking this drastic action," Quinn said in a statement. "I cannot now pay those loans that are due."

Quinn, whose business interests spanned building materials to insurance, estimates he lost more than €1 billion (Dh5.06 billion) after investing in Anglo Irish Bank Corp, which was nationalised in 2009. Quinn and his family owe almost €2.9 billion, the bank said in a statement yesterday.

The Quinns have taken legal proceedings against Anglo, now renamed the Irish Bank Resolution Corp, disputing the size of the debt. The bank meanwhile said yesterday it was looking into whether the bankruptcy filing is in the right jurisdiction and vowed to pursue "maximum recovery" of the money owed.

In 2008, Quinn and his family were estimated by Forbes magazine to be worth about $6 billion (Dh22.04 billion). At its peak, Quinn Group had 8,000 workers Europe-wide and the company was the biggest employer in the region where Ireland borders Northern Ireland.