Businessman and former billionaire Sean Quinn has been declared bankrupt in the Republic of Ireland after previously filing for bankruptcy in the United Kingdom. His massive fortune was lost after investing in Ireland’s failed Anglo Irish Bank Corporation. The Irish Bank Resolution Corporation, formerly known as the Anglo Irish Bank, filed the bankruptcy application in the Republic of Ireland which was not opposed by Quinn. The judge ruled in favor of the bank and finalized the bankruptcy. Quinn released a statement arguing the petition for bankruptcy is a form of revenge following the collapse of the financial system in Ireland. He believes that such an action will not reduce the current burden or recover any money for the Irish taxpayers and is thus useless. The process of bankruptcy in the Republic of Ireland is much more tedious and burdensome than that of the United Kingdom. Quinn will not be able to return to business for a number of years.
Meghan Steinbeiss
http://www.bbc.co.uk/news/uk-northern-ireland-16579002
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