Sean Quinn accused of ‘bankruptcy tourism’ by bank trying to recover billions
Published 19/12/2011 | 07:53
THE BANK seeking to recover billions from former tycoon Sean Quinn has accused him of "bankruptcy tourism" for opting to turn to the courts in Northern Ireland.
Mr Quinn voluntarily filed for bankruptcy in Belfast last month, claiming his business was based in Co Fermanagh, on the northern side of the Irish border.
The businessman's multibillion-euro empire collapsed over the last two years on the back of massive stock market gambles on the share price of the now nationalised Anglo Irish bank which is now called the Irish Bank Resolution Corporation..
The 65-year-old has recently been hit with two separate judgments of €1.74bn and €416m by the Commercial Court in Dublin over loans from the lender.
As a bid by the IBRC to overturn his bankruptcy opened in the Chancery Court in Belfast, its lawyer said Mr Quinn's application fell short of European regulations around bankruptcy.
Gabriel Moss QC told the court: "As far as the bank is concerned, this is a form of bankruptcy tourism by Mr Quinn."