Sean Quinn not entitled to declare bankruptcy in NI

The High Court has ruled that former billionaire Sean Quinn was not entitled to declare bankruptcy in Northern Ireland over his large debt to the former Anglo Irish Bank - now called IBRC.

The IBRC had challenged Mr Quinn’s bankruptcy petition lodged in Belfast, on the grounds that he was based in the Republic of Ireland. The Republic has a more severe approach to bankruptcy, with the status lasting five years as opposed to just one year in Northern Ireland.

Justice Deeny commented that Mr Quinn had failed to disclose that he held an Irish passport, but not a UK one, paid 20% of his taxes in the Republic, albeit while also paying taxes in Northern Ireland, and was a registered voter down south. He was also sceptical about a commercial lease for an office in Derrylin, County Fermanagh, which he concluded was most probably "prepared at some much later date to try and bolster the case now being made." He said these factors were sufficient grounds for him to rescind the Bankruptcy Order had it not already been annulled.

Mr Quinn responded to the judgment by saying he had never worked a single day of his life outside of Northern Ireland, and that he had no computers or any IT system in his home in the Republic of Ireland. He said the bank had "absolutely destroyed" the Quinn Group. It is expected that Mr Quinn will now be made bankrupt in the Republic of Ireland.

If you live in Northern Ireland and would like to receive legal advice about applying for bankruptcy, contact one of the specialist solicitors at Wilson Nesbitt in Belfast by calling 0800 840 9291 or visit the 'Bankruptcy & Debts' section of the website by clicking here.

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