Quinn claims bank pursuing 'vendetta' against his family

 

Former billionaire Seán Quinn has been declared a bankrupt by the courts in Dublin today and accused the Irish Bank Resolution Corporation (formerly Anglo Irish Bank) of waging a vendetta against him.

Mr Quinn, formerly considered Ireland’s richest man, did not oppose the application before Ms Justice Elizabeth Dunne.

In a statement issued after the hearing, Mr Quinn said [the former] Anglo had "achieved their goal of ensuring that I will never create another job".

"As I have previously stated, Anglo has been pursuing a vendetta against me and my family. Given the expense incurred by Anglo in having my Northern Ireland bankruptcy overturned and the fact that today’s judgement in no way improves Anglo’s prospects of recovering money for the taxpayer, their actions clearly prove that it is a personal vendetta," Mr Quinn said.

He said the position of the Irish taxpayer "could have improved significantly, by a more reasonable approach to the issues involved".

In a statement this evening the IBRC said it was simply not true to claim “that his bankruptcy is a matter of a personal vendetta by IBRC against him and his family”.

“The bank’s singular focus is to recover as much as possible from the remaining assets over which the bank has legal security. It is this singular focus that is in the best interests of the State.”

The application was brought by Paul Gallagher SC on behalf of the IBRC on the basis of judgments for more than €2 billion against Mr Quinn previously made by the courts.

Earlier this month the State-owned bank had Mr Quinn’s northern Irish bankruptcy adjudication annulled on the basis that Mr Quinn’s centre of main interests was in the Republic and not in Northern Ireland, as he had claimed.

Mr Quinn had been declared a bankrupt in Northern Ireland last November. Mr Quinn told the Belfast court he had assets of just £50,000.

Ms Justice Dunne said Mr Quinn should make himself available to receive documents from the official assignee Chris Lehane.

Mr Quinn’s solicitor, Gavin Simons, said he would do so.

Ms Justice Dunne said she was making her order on the basis that Mr Quinn’s centre of main interests was in the Republic. Mr Quinn was not in court for today’s hearing.

In the Republic bankrupts usually have to wait 12 years before they can emerge from bankruptcy, while in Northern Ireland the equivalent period is 12 months.