Friday 9 December 2016

Likely to be left with only 'personal assets'

Assets

Published 12/11/2011 | 05:00

SEAN Quinn says he handed over all his "business interests" to his five children in 2002.

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This means the only assets he has left are likely to be personal assets, such as his share of his family home, plus any cash in bank accounts and any other investments he had.

Anglo Irish Bank and Mr Quinn's spokesperson both declined to comment last night on whether the businessman's personal assets were "significant" or not.

It seems likely that Mr Quinn has some cash in bank accounts, since he is presumably paying for legal representation and other expenses. Mr Quinn's palatial home in Cavan hasn't got any mortgage but it is unclear whether he owns any of it or if it is all owned by his wife Patricia.

Whether Mr Quinn has any personal investments, in Ireland, or beyond, is also unclear but he will be expected to disclose any holdings he does have to his bankruptcy trustee, who will then share them out among his creditors.

Irish Independent

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