Saturday 18 November 2017

Bloody day shows no one is immune from downturn

Yesterday's appointment of receivers to Sean Quinn's cement-to-insurance empire and to Derek Quinlan's personal property interests made it one of the bloodiest days so far of the post-Celtic Tiger bust. The demise of Quinn and Quinlan dramatically illustrates that no one, no matter how exalted, is now immune from the effects of the downturn.

While interest in the appointment of a receiver to nine of Quinlan's personal properties will be largely confined to property market specialists, the ripples generated by the Sean Quinn share receivership will spread far more widely.

Sean Quinn was a genuine Irish success story. From a 23-acre farm on the Cavan-Fermanagh border, Quinn built a giant conglomerate. His cement business successfully challenged CRH's monopoly. He built up the largest glass-bottle business in the UK and Ireland from nothing.

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