Justice declares bankruptcy which was the richest man in Ireland

The High Court Irish today declared bankruptcy to who was the richest man in the country, the businessman Séan Quinn, who has accumulated debts of up to 2,000 million euros with the nationalized Anglo Irish Bank.

At a hearing in this Court in Dublin, which was not attended the exmultimillonario, instructor, Judge Elizabeth Dunne, also accepted a request by the Bank to claim the above-mentioned debt.

Thus ended the "soap opera" that had starred in Quinn with justice Irish and Northern Irish, once last week, at the request of the Anglo, a Belfast Court rejected the request for protection by bankruptcy filed by the employer in that jurisdiction in November.

To declare bankruptcy in North Ireland, Quinn, of 67 years, could have benefited from British legislation thereon.

Had thus been able to return to do business and rid of your debt in u000aonly a year, compared with the twelve that establish legislation of the Republic of Ireland.

The Anglo, now renamed as Irish Bank Resolution Corporation (IBRB), questioned the validity of his statement because he claimed that their residence and their business interests were based at Ireland.

The business empire of Quinn, who States now own property valued at 50,000 euros, had fallen sharply during the past two years, as it were revealing the enormous risks that took betting markets with the actions of this entity financial.

Quinn and the Bank represent perfectly the excesses committed in Ireland during the years of economic "boom", which was named the country the "Celtic Tiger", now shattered after the bursting of its bubble in 2008.

At the height of his career, the Quinn Group, whose "jewel in the Crown" was the insurance company of the same name, reached a value of 4,720 million u000aeuros and created according to the own Tycoon, more than 5,000 jobs since 1973.

Experts also believe that, at some point, the employer came to control secret 15% of the Anglo, nationalized by the Dublin Government in 2009.

After the outbreak of the construction sector, shares of this Bank began to fall and Quinn was forced to surrender control of their insurance company, at the time that was fined three million euros by engaging in irregular financial practices.

Last April, already lost all control of the Quinn Group when he snatched the IBRB.

During the "boom" of the construction in Ireland, Anglo Irish Bank became the preferred lender of this sector due to its ease to grant high-risk loans, prompting multi-million dollar debts when he deflated.

The State is now planning to invest nearly 30 billion euros in their rescue, although some experts set the final figure u000ain 34 billion euros.

As part of the restructuring of the Irish banking system, the Dublin Government has merged the Anglo Irish Bank and Irish Nationwide and both are already in the process of closing final.

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