Bankrupt Sheahan vows to bounce back
Former rugby star and Pendulum Summit chief executive Frankie Sheahan has been declared bankrupt. The ruling was made last week and comes on the back of loans drawn down from Bank of Ireland.
Sheahan had used the loans to buy property as part of his retirement planning during his rugby career. When property crashed, Sheahan found himself able to pay the interest on the loans but not the principal.
"It is with great disappointment and sadness that I have been declared bankrupt," Sheahan told the Sunday Independent.
Bank of Ireland declined to comment.
"The current situation is certainly a major setback but as with all setbacks whether business or sport, one must pick themselves up, brush themselves off and rebuild. In this regard I am focused on continuing my employment for Pendulum 2018 next January. Thankfully, I have my health and I will continue to work hard, and honour my commitments and obligations in the most professional manner with the support of my wife and five young children."
Sheahan had been engaged in a process with the bank that included selling the family home. In his post-rugby role with the Pendulum Summit, he has attracted a range of high-profile motivational speakers to Dublin. Companies Office documents show the company behind the summit is owned by Sheahan's brother, Jonathan. Frankie Sheahan is no longer a director of the business.
"While I am disappointed that the bank forced me into this situation, I will not harbour any bitterness as I feel everyone gets knocks in life... I have learned from some of the best visionaries and business people that dwelling on the past and playing the blame game over legacy issues doesn't serve anyone and setbacks are all part of business success," he said. "I hope to use these teachings and some of the nuggets I have learned in previous careers to weather the storm, to be resilient and to bounce back from this."
Sunday Indo Business