Saturday 17 March 2018

Bankrupt wife of former-tycoon Sean Quinn had just €315 in bank account

Patricia Quinn
Patricia Quinn
Shane Phelan

Shane Phelan

The wife of former billionaire Seán Quinn had just €315 in the bank when she was bankrupted by the former Anglo Irish Bank last month.

It has also emerged that she owes €105m to the Irish Bank Resolution Corporation (IBRC) and €1.6m to the Revenue Commissioners.

The vast majority of the debts are disputed.

The disclosures were made in a statement of affairs filed by Patricia Quinn (64) at the request of the High Court.

The former tycoon's wife was bankrupted by IBRC after failing to repay a €3m loan.

The bank had secured a judgment against her for the sum in December 2011.

Patricia Quinn with husband Sean
Patricia Quinn with husband Sean

Court papers show that it issued a bankruptcy summons in July, when the debt was not repaid.

Mrs Quinn, whose husband was once Ireland's richest man, had tried to escape liability for the loan, which was used for the refurbishment of the family home in Ballyconnell, Co Cavan.

She claimed that she was a homemaker who had naively signed whatever was put in front of her by her husband and never received the benefit of the borrowings. However, this argument was rejected by the High Court.

According to her statement of affairs, Mrs Quinn had €200 in cash and €315 in the bank when she was bankrupted.

Her other assets were an Irish Life pension worth €78,928, forestry worth €25,000, a 2008 BMW X5 worth €5,000 and clothes and jewellery worth €4,500.

A list of her debts included the €3m personal loan from IBRC.

It also included a €102m debt with IBRC and €1.6m owed to the Revenue. Both debts are disputed, the document said.

Mrs Quinn said her only income was a €430-a-month UK pension.

She said that she required €1,486 a month for reasonable living expenses.

Her husband once had a fortune of €4.7bn, but lost his fortune after disastrously building up a massive secret stake in Anglo Irish Bank.

He was eventually bankrupted following an application by IBRC in 2012.

He emerged from bankruptcy in 2015 and recently returned to the world of business with a new online betting outlet called QuinnBet.

Irish Independent

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