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Former Irish tech millionaire declared bankrupt in London

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John Nagle

John Nagle

John Nagle

PAYZONE founder John Nagle has been granted bankruptcy by a London court, the British insolvency register shows.

Nagle declined to comment, saying he is not permitted to do so during the bankruptcy period, but confirmed he is the subject of the process that will see him emerge from debt in March 2014.

He now runs a fledgling consultancy called Nagle Advisory, which assists companies in setting up their payments and transaction systems. It's familiar territory for Nagle, a significant figure during the tech boom of the late Nineties/early Noughties.

He started a business which evolved into payment solutions company Payzone, operating across Europe providing services for 250,000 retailers. He was ousted as chief executive in 2008 and lost his investment.

Last year High Court proceedings by Nagle and his wife against Bank of Ireland were settled. The bank had previously sought a €5m judgement in relation to mortgage arrears on the couple's south Dublin home.

Other actions brought by Allied Irish Banks over debts are ongoing.

Irish Independent