Irish High Court Declares Sean Quinn Bankrupt...

HellFireClub

Seán Quinn has been declared bankrupt at the High Court in Dublin.
1 of 2 Seán Quinn withdraws opposition to bankruptcy


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Seán Quinn has been declared bankrupt at the High Court in Dublin. Ms Justice Elizabeth Dunne made the adjudication shortly after midday.
The Irish Bank Resolution Corporation, the former Anglo Irish Bank, brought this application to have Seán Quinn declared bankrupt.
Mr Quinn had intended to challenge the issuing of a bankruptcy summons. But this morning, a solicitor on his behalf said he was withdrawing that challenge.
The solicitor also told the Court that Mr Quinn was not opposing the bank's bankruptcy application. Mr Quinn himself was not in court.
The bank brought the application on the back of orders by the Commercial Court directing Mr Quinn to repay loans of more than €2 billion.
Lawyers for the bank said Mr Quinn's centre of main interests was in this jurisdiction.
Mr Quinn's affairs now come under the control of a court appointed official and he will have to submit a statement of affairs to him.
Mr Quinn had declared himself bankrupt in Belfast last month only for that to be overturned after the IBRC appealed the decision.
The former insurance, cement, glass and property businessman now faces a court order barring him from running a company for the next 12 years rather than two years if imposed by a UK court.
The IBRC is also in ongoing disputes with some of the Quinn family over ownership of overseas assets.

http://www.rte.ie/news/2012/0116/quinn-business.html

And your opinions are...?

HellFireClub

bluewolf wrote: »

And your opinions are...?

I have a saying that I use for my own business survival and I think it's particularly apt in relation to this story:

"You are only ever one bad decision away from complete and total business failure"...

GSF

HellFireClub wrote: »

I have a saying that I use for my own business survival and I think it's particularly apt in relation to this story:

"You are only ever one bad decision away from complete and total business failure"...

Yes if you bet €3billion on black and it lands on red, you are screwed.

HovaBaby

Seán Quinn has been declared a bankrupt by the High Court.

Ms Justice Elizabeth Dunne made the adjudication shortly after midday.

The Irish Bank Resolution Corporation brought this application to have Seán Quinn declared bankrupt.

Mr Quinn had intended to challenge the issuing of a bankruptcy summons. But this morning, a solicitor on his behalf said he was withdrawing that challenge.

The solicitor also told the court that Mr Quinn was not opposing the bank's bankruptcy application.
Mr Quinn himself was not in court.

The bank brought the application on the back of orders by the Commercial Court directing Mr Quinn to repay loans of more than €2 billion.

Lawyers for the bank said Mr Quinn's centre of main interests was in this jurisdiction.

Mr Quinn's affairs now come under the control of a court appointed official and he will have to submit a statement of affairs to him.

http://www.rte.ie/news/2012/0116/quinns.html

What can we do to sort this out?

n97 mini

I didn't see the need to put him out of business for 12 years.

He'll never create another job again.

slavetothegrind

how would you suggest they deal with him?

Be a bit more carefull now here's a grant to get you started again?

MadsL

Make family members repay the hundreds of thousands that they received in absurd expenses over the years (groceries, mortgage payments and the like)

http://www.independent.ie/national-news/quinn-1m-a-year-family-expenses-2989300.html

The recent suspicious fire at the HQ needs relentless scrutiny in my view...

Have to confess on some Schadenfreude on my part however, as the first insurance company to indulge in frankly racist quoting practices, I'm delighted that they are exposed as the dodgy feckers they are.

Threads go back 7 years, apologies...

http://www.boards.ie/vbulletin/showthread.php?p=1979116
http://www.boards.ie/vbulletin/showthread.php?t=126594

uncle_sam_ie

n97 mini wrote: »

I didn't see the need to put him out of business for 12 years.

He'll never create another job again.

I know, what's the point. Making people live on the dole for 12 years is just anti business and it wont move this country forward.

3DataModem

uncle_sam_ie wrote: »

n97 mini wrote: »

I didn't see the need to put him out of business for 12 years.

He'll never create another job again.

I know, what's the point. Making people live on the dole for 12 years is just anti business and it wont move this country forward.

It's not about HIM.

It's about others like him.

Raskolnikov

n97 mini wrote: »

I didn't see the need to put him out of business for 12 years.

He'll never create another job again.

Oh right, so the taxpayer should just foot his gambling debts of €2.9 billion and allow him to give hundreds of millions of Euro worth of assets to his children?

fliball123

uncle_sam_ie wrote: »

I know, what's the point. Making people live on the dole for 12 years is just anti business and it wont move this country forward.

Maybe if the gov could get the assets he offloaded over the years to friends and family ...and took everything off him bar the shirt on his back ...then he can do what he likes after 12 years...This guy was reckless and flaunted when he was the richest man in Ireland...and its him and his ilk which has brought this country to its knees

n97 mini

Raskolnikov wrote: »

Oh right, so the taxpayer should just foot his gambling debts of €2.9 billion and allow him to give hundreds of millions of Euro worth of assets to his children?

Whether he was bankrupted for 12 years, 1 years or 100 years will make no difference to that money: it's gone.

He has a proven track record in business, it's his gambling in one area only: property, that brought the whole lot down. He created other businesses which he ran successfully and which are still running successfully.

In the US and more progressive countries, business failure is part of life. If you fail you try again.

fliball123

n97 mini wrote: »

Whether he was bankrupted for 12 years, 1 years or 100 years will make no difference to that money: it's gone.

He has a proven track record in business, it's his gambling in one area only: property, that brought the whole lot down. He created other businesses which he ran successfully and which are still running successfully.

In the US and more progressive countries, business failure is part of life. If you fail you try again.

But how can he get back into businees surely he should have no capital or assets having declared himself bankrupt?

Bannasidhe

The family of Ireland's former richest man, Sean Quinn, ran up bills of over €1m in expenses annually as their business empire was left with the cost of mortgages on their luxury homes and other expenses incurred by Mr Quinn and his five children.

Every month the Quinn Group shelled out over €100,000 to meet the family's mortgages on homes in Cavan and Dublin as well as other expenses.

This included paying the mortgage bill for Mr Quinn and Patricia Quinn's home in Ballyconnell, Co Cavan. The house has an indoor golf simulator, a putting green, a 15-metre swimming pool, a sunken hot tub, a jacuzzi pool, a cinema and a snooker room.

Mr Quinn's five children -- Sean Jr, Aoife, Ciara, Collette and Brenda -- also had various bills relating to their homes in Cavan and Dublin paid for by the company.

Alongside mortgage payments, the company paid for TV packages as well as ESB, Bord Gais and other utility bills.

At least one family member had a company credit card used to buy designer clothes, meals, groceries and other living expenses to the tune of tens of thousands of euro.

The bills reveal how the family lived when they were considered the richest in the country with a fortune of over €4bn. They now collectively owe the taxpayer-owned Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, more than €2.8bn.

The Quinn family, who all worked in the insurance or hospitality divisions of the Quinn Group, also had access to a range of company vehicles including a 10-seater Dassault Falcon 2000 EX jet, with gold fittings; an eight-seater 2000 Agusta A109E helicopter and a BMW 650i convertible.

The Quinn family said last week they were satisfied that their expenses were in order.

The Quinn Group's generous family expense regime contrasts with Mr Quinn's salary which was less than €500,000 a year on average.

However, in the Quinn Group's last set of financial accounts under the control of the Quinn family for 2009, the highest paid director of the company was paid €1.2m, despite the company making a €950m loss.

Mr Quinn has refused to confirm or comment on whether he was the recipient of this bumper salary, which came ahead of the hundreds of jobs losses in the group.

http://www.independent.ie/national-news/quinn-1m-a-year-family-expenses-2989300.html

Seriously - gold fittings on the family..I mean company...jet? Mortgages, utility bills, designer clothes paid for by the company?
What kind of business model is that?
Did they not earn enough to pay their own bills?
Who ever was being paid 1.2 million a year sure as **** did!!!!!

The Quinn's appear to have used their business empire as a private trust fund and rode it. Now, the tax payer and anyone who has to insure anything (apart from life and health) has to pay extra to pay their collective debts.

I cannot understand why anyone is defending this man.

No - he won't be creating any jobs in the future - he also won't be racking up debts for everyone else to pay.

Irelandsfinest

I'm no business expert and i don't think we're being told the full story here with regards to the Quinn Group collapse but the banks went for him, i know from bitter experience banks don't want you to have your own assets even if you own a company lock stock and barrel with no other shareholders. He created jobs for a lot of people in Fermanagh and Cavan he's a smart business savvy man. He made his money from nothing and now can't set up another company for 12 years. He wasn't a double glazing cold caller who might swindle old people and have a workforce of zero, punish him we punish ourselves 12 years is an eternity for a deprived area when there was someone already there who made it his business to hire locals.

patwicklow

A crook end of...

A Dub in Glasgo

Who needs enemies when the Irish people have the likes of the Quinn family and their cheerleaders

Bannasidhe

Irelandsfinest wrote: »

I'm no business expert and i don't think we're being told the full story here with regards to the Quinn Group collapse but the banks went for him, i know from bitter experience banks don't want you to have your own assets even if you own a company lock stock and barrel with no other shareholders. He created jobs for a lot of people in Fermanagh and Cavan he's a smart business savvy man. He made his money from nothing and now can't set up another company for 12 years. He wasn't a double glazing cold caller who might swindle old people and have a workforce of zero, punish him we punish ourselves 12 years is an eternity for a deprived area when there was someone already there who made it his business to hire locals.

But he's not a smart, savvy business man. He's a man who is bankrupt because he made serious mistakes in business.

If he built a business empire which collapsed due to his own poor decisions and is now bankrupt. That's the way the cookie crumbles.

What really pisses me off is that we are all paying for the collapse of his empire and he is complaining the banks are out to get him. He borrowed the money. If he acted on the advice of the banks - that was his choice. He wouldn't be complaining if his gamble on Anglo shares has paid off the way he thought they would. :mad:

He needs to man up and accept responsibility for his actions - not go bitching about getting bad advice - and him so smart and savvy an'all.

uncle_sam_ie

Bannasidhe wrote: »

But he's not a smart, savvy business man. He's a man who is bankrupt because he made serious mistakes in business.

If he built a business empire which collapsed due to his own poor decisions and is now bankrupt. That's the way the cookie crumbles.

Were in a worldwide depression a lot of businessmen got caught out. Kicking them down for 12 years wont help this country recover. But, maybe that's what you socialist's want.

Bannasidhe

uncle_sam_ie wrote: »

Were in a worldwide depression a lot of businessmen got caught out. Kicking them down for 12 years wont help this country recover. But, maybe that's what you socialist's want.

What the hell has socialism got to do with this?

He invested. He lost. According to free market economics he should take the hit. How on earth is saying that socialism????

How will us paying off Quinn's debts help the country recover?

That is the reality - we are paying for his mistakes - and now you want us to say, 'oh well, never mind. Easy come easy go. We'll pick up the tab for your (and your families) lavish lifestyle and cock-ups and you just start all over again eh. Better luck next time Big Guy.'. :eek:

If Dunnes Stores went bust in the morning because the Dunne Family made some really, really bad business decisions - would you agree with the taxpayer paying for that too?
Should a levy be put on people's shopping to help pay off the debts incurred by the Dunnes?

patwicklow

uncle_sam_ie wrote: »

Were in a worldwide depression a lot of businessmen got caught out. Kicking them down for 12 years wont help this country recover. But, maybe that's what you socialist's want.

He sould be banned from doing any business any were look at what they have cost all us

Robbo

n97 mini wrote: »

Whether he was bankrupted for 12 years, 1 years or 100 years will make no difference to that money: it's gone.

He has a proven track record in business, it's his gambling in one area only: property, that brought the whole lot down. He created other businesses which he ran successfully and which are still running successfully.

In the US and more progressive countries, business failure is part of life. If you fail you try again.

And his foray into Anglo CFDs wasn't a gamble? How about running an insurance empire with insufficient reserves that was massively skewed towards property rather than more conservative investments? Soon we'll be hearing the old yarn about playing 25 in the pub for 2c stakes...

On one hand you have Sean Quinn, the sainted industrialist who created all those jobs in unfashionable border locations in the primary and secondary sectors. On the other, you have Sean Quinn the financial genius who ran an insurance company with no actuaries which significantly breached it's solvency ratios, all of which is costing us 2% on our policies from here to eternity.

There are those who like to think of the former being transformed into the latter by some shady Dublin-based anti-Cavan conspiracy when the simplest explanation is just plain greed and stupidity.

Bullseye1

Bannasidhe wrote: »

But he's not a smart, savvy business man. He's a man who is bankrupt because he made serious mistakes in business.

If he built a business empire which collapsed due to his own poor decisions and is now bankrupt. That's the way the cookie crumbles.

What really pisses me off is that we are all paying for the collapse of his empire and he is complaining the banks are out to get him. He borrowed the money. If he acted on the advice of the banks - that was his choice. He wouldn't be complaining if his gamble on Anglo shares has paid off the way he thought they would. :mad:

He needs to man up and accept responsibility for his actions - not go bitching about getting bad advice - and him so smart and savvy an'all.

Many of the worlds smartest business men have been bankrupt at some time in their lives. It is these people who create work and wealth. I don't know the in's and outs of Mr. Quinns business but we in Ireland need a serious overhaul in the bankruptcy laws to bring us in line with the rest of Europe and with the UK in particular.

People make mistakes, why preclude them from business for 12 years. We need risk takers in business.

Bannasidhe

Bullseye1 wrote: »

Many of the worlds smartest business men have been bankrupt at some time in their lives. It is these people who create work and wealth. I don't know the in's and outs of Mr. Quinns business but we in Ireland need a serious overhaul in the bankruptcy laws to bring us in line with the rest of Europe and with the UK in particular.

People make mistakes, why preclude them from business for 12 years. We need risk takers in business.

How many of these world's smartest businessmen had their debts met by the taxpayer?

What risk taking is there when the taxpayer ends up paying?

Bullseye1

Bannasidhe wrote: »

How many of these world's smartest businessmen had their debts met by the taxpayer?

That was not Quinns doing. That was FF and our government.

The tax payer shouldn't be taking any risk. We are paying because our elected representatives and faceless high level civil servants committed the Irish tax payer to paying back private dept.

Bannasidhe

Bullseye1 wrote: »

That was not Quinns doing. That was FF and our government.

The tax payer shouldn't be taking any risk. We are paying because our elected representatives and faceless high level civil servants committed the Irish tax payer to paying back private dept.

Did the government force Quinn to transfer company/personal assets too?

Or was he trying to put those assets beyond the reach of his creditors?

Bullseye1

Bannasidhe wrote: »

Did the government force Quinn to transfer company/personal assets too?

Or was he trying to put those assets beyond the reach of his creditors?

What has that got to do with us having to pay his 2 Billion dept? OUR government is responsible for us taking on his dept.

I've no real comment on someone trying to protect what assets they have remaining.

A Dub in Glasgo

It has a lot to do with recovering some of that debt or do you think it is acceptable practice to hide assets with the intention of not paying your debts?

Bullseye1

A Dub in Glasgo wrote: »

It has a lot to do with recovering some of that debt or do you think it is acceptable practice to hide assets with the intention of not paying your debts?

Even if we recover all his assets and they amount to say €500 million we are still €1.5 Billion short. That 1.5 Billion is the fault of our government for making a dreadful decision to take over Anglo.

A Dub in Glasgo

Yes it is, I would rather that €500m was recovered though. You would not?

Bullseye1

Of course but i doubt we have competent enough people to get it. Some of his assets are in Ukraine and Russia. Good luck with getting our hands on those.

What about the other 1.5 Billion the Government saddled us with? And that's just Quinns debts, what about the other 100 Billion on bank debts?

n97 mini

fliball123 wrote: »

But how can he get back into businees surely he should have no capital or assets having declared himself bankrupt?

Loans from investors, which are extremely difficult to get when you're bankrupt.

But more to the point he can't be a company director or secretary.

HellFireClub

Bullseye1 wrote: »

Many of the worlds smartest business men have been bankrupt at some time in their lives. It is these people who create work and wealth. I don't know the in's and outs of Mr. Quinns business but we in Ireland need a serious overhaul in the bankruptcy laws to bring us in line with the rest of Europe and with the UK in particular.

People make mistakes, why preclude them from business for 12 years. We need risk takers in business.

On the other hand, many people who have until recently been held in high esteem in the business world, in the somewhat mistaken belief that they had some kind of special business abilities, have been completely found out now as people who had no real notion at all of what they were at, but were able to pass themselves off as competent and special business leaders, who built their businesses on the madness of the Celtic Tiger. These business models have now being completely found out, and the same can be said for those behind them.

I'd argue that the really gifted business people we should be applauding these days are the grafters who are running small businesses and keeping people in jobs, in the face of what is a cruel and emotionally grinding economic depression. The small business owner-operator who is after doing 14 hours today down in Ballymount or Parkwest in his warehouse who is still packing his/her orders for delivery, or the transport business owner who is driving a truck back to Dublin tonight and won't get home to see his family until 10PM tonight when his kids will be in bed, these are the real business geniuses and hero's of Ireland today I think.

The likes of Sean Quinn, who put every egg that he had, into a bank that was into nothing other than commercial property, at a time when the dogs in the street were starting to think that there was something about to come around the corner in this country in relation to the economy, I think it is, as a poster above said, more of the same, greed, greed and more greed, with some stupidity thrown in as well...

cyclopath2001

Irelandsfinest wrote: »

.... .... who made it his business to hire locals.

and family members.

forfuxsake

I think of it like this. Sean Quinn took a major gamble on property and lost, maybe everything but most certainly nearly everything he had.

That we, the taxpayers, have to pay off his debts makes me absolutely livid. However I blame the government for this. Nobody told Sean Quinn that if he lost this money that the taxpayer would pick up the bill. In no other country would this have happened.

I think the bankruptcy is a vendetta, designed to distract the taxpayer from where the anger should be directed, not at the imbecile who blew a fortune but th imbeciles who decided WE should pay for it.

hmmm

It's very sad, he built up a good business that provided lots of employment, and threw it away with a single bad decision.

The bankruptcy laws in Ireland need to be reformed urgently, not just to help people who have got themselves in completely over their heads, but also to encourage businessmen to take risks that won't see their lives ruined if the risk doesn't pay off.

That's not the same as asking for debt forgiveness, but bankruptcy needs to be become a 4 years or less process.

f3qh5g0z6vc7ob

I think everyone should step back and look again at everything, if we are to believe everything we read in the papers and if you put it all together, I think Mr Quinn is the one who will be having the last laugh.

He sold a company for a laptop to his son in law! But we all know he will still reap the awards from the company.

He has five children and a wife who apart from the wife have all ran his companies for the last number of years, Sean Jr, ran the office in Blanchardstown, Brenda worked there, as did Aoife. Sean SR does not need to "run" a business to be successful he has his family to do it for him.

I think people are looking for someone to blame and point fingers at, if I was as successful as Quinn, if I had worked hard, my family had worked hard, and rose from nothing to millions I too would have some nice cars and maybe even a helicopter!

He gave lots of people jobs and tried his best to keep those jobs even when times got tough.

Tayla

A Dub in Glasgo wrote: »

Who needs enemies when the Irish people have the likes of the Quinn family and their cheerleaders

Exactly, I just don't understand what is wrong with people in this country, how much debt does someone have to bring onto a country before the masses turn against them?

hmmm wrote: »

It's very sad, he built up a good business that provided lots of employment, and threw it away with a single bad decision.

It happens everyday though, someone might have a €200,000 business and create employment,that could be everything to them, their family and staff. If they make a bad decision then they go bust, why should Sean be any different just because his business was bigger?

I see it all the time on boards that most people are dead set against mortgage debt forgiveness.....for those who are sticking up for Sean, do you think that this should be introduced across the board, anyone with personal guarantees should just get away with it and get to keep their assets or is Quinn special?

hmmm wrote: »

The bankruptcy laws in Ireland need to be reformed urgently, not just to help people who have got themselves in completely over their heads, but also to encourage businessmen to take risks that won't see their lives ruined if the risk doesn't pay off.

That's not the same as asking for debt forgiveness, but bankruptcy needs to be become a 4 years or less process.

His life isn't ruined. His family have a crazy amount of assets.

HellFireClub

hmmm wrote: »

It's very sad, he built up a good business that provided lots of employment, and threw it away with a single bad decision.

The bankruptcy laws in Ireland need to be reformed urgently, not just to help people who have got themselves in completely over their heads, but also to encourage businessmen to take risks that won't see their lives ruined if the risk doesn't pay off.

That's not the same as asking for debt forgiveness, but bankruptcy needs to be become a 4 years or less process.

In fairness to the rest of us who have to run businesses, no small part of your set of responsibilities when running a business is safeguarding your business and while pursuing growth opportunities, also acting conservatively enough to protect your business.

How an apparently highly experienced and successful businessman such as Sean Quinn, thought it was wise to borrow billions of Euro to buy shares in a bank that did nothing other than commercial property, at a time in this country when people knew that the property market was overheating and had actually gone completely mad, is not something that should just be passed off as bad luck or bad timing.

It was his responsibility to safeguard the trading position and security of his businesses and I'd be of the view that this responsibility came before his responsibilities to grow the businesses and report a profit.

Make no mistake about it, this was greed without any restraint, he wanted to frighten the utter Bejesus out of Seanie Fitzpatrick by hoovering up a huge share of the bank. The same is going on now with Denis O' Brien and Independent Papers, only Denis O' Brien in fairness to him didn't drag the taxpayer into it. It's all down to out of control ego's and out of control greed.

hmmm

I saw some statistic out of the US that, on average, successful entrepreneurs go bankrupt 3 times before they make a success of their business.

Sean Quinn is a bad example to use, but there still has to be an argument that punishing people for taking a risk that could lead to successful, job and wealth creating businesses, is not a good strategy for the country.

If bankruptcy laws were lessened in severity, banks would be more stringent with their lending policies.

HellFireClub

Tayla wrote: »

I see it all the time on boards that most people are dead set against mortgage debt forgiveness.....

There is a world of difference between a family who bought ONE property to live in on the basis of both partners/parents working, and who are now both on the dole and are now utterly swamped in a debt pertaining to a mortgage and who need debt forgiveness, and then debt forgiveness for the likes of Sean Quinn & his family and private jet with the gold door handles and associated gold fittings.

HellFireClub

hmmm wrote: »

I saw some statistic out of the US that, on average, successful entrepreneurs go bankrupt 3 times before they make a success of their business.

Sean Quinn is a bad example to use, but there still has to be an argument that punishing people for taking a risk that could lead to successful, job and wealth creating businesses, is not a good strategy for the country.

If bankruptcy laws were lessened in severity, banks would be more stringent with their lending policies.

But there's an irony to the argument that you are making there. It's because of the capital losses that Sean Quinn and other greedy folks like him, have caused, that a lot of undiscovered entrepreneurs will never have a chance to prove themselves, because now no bank will lend a cent to them.

Sean Quinn had his shot at success, he had his chance, he blew it. Because of the sheer scale of his f*ck up, combined with the general financial recklessness that was undertaken by other people like him around the same time, our banks can't lend to any entrepreneur now.

I think he has a brass neck arguing that he should be "let back at it" so to speak, the guy should have an exclusion zone set up around him, within which a cheque book or any financial/banking instrument is not allowed to pass.

Tayla

HellFireClub wrote: »

There is a world of difference between a family who bought ONE property to live in on the basis of both partners/parents working, and who are now both on the dole and are now utterly swamped in a debt pertaining to a mortgage and who need debt forgiveness, and then debt forgiveness for the likes of Sean Quinn & his family and private jet with the gold door handles and associated gold fittings.

I don't understand why you highlighted that one particular sentence, my point was that people are completely against debt forgiveness for someone who bought a family home, i'm not against it but others are.

But yet we then have people here sticking up for Sean and I wanted to know do they also think that other business people in a similar situation with personal guarantees etc. should all be allowed to shirk their responsibilies like Sean or do they think he is special and that all of the other small or medium business owners shouldn't get the same treatment.

coolshannagh28

Sean Quinn is being shafted because he has assets Anglo cant get hold of since he divested himself of them before the CFD s blew up in his face ,this is fair practise .
His company could have been saved for much less than the bankruptcy has cost .
He created thousands of jobs in the BMW region for average joes which no government has ever been able to do ,not high tech jobs but the kind our domestic sector desperately needs .
He was a one man regional strategy and the political implications of his treatment deserve attention. I hope he rises again .

Bullseye1

I don't want to give the impression of standing up for Sean Quinn. I am more concerned with our current bankruptcy laws which are far too harsh when compared to the UK and Europe. It discourages many people from starting their own business.

With regards to Quinns debt and Anglo chasing him most people posting anti Quinn posts probably wouldn't give it a second thought if Anglo had not been taken over by government. Quinn isn't the figure we should be angry with, it's Cowan and his FF shills who sold this country to bond holders.

Bullseye1

I don't want to give the impression of standing up for Sean Quinn. I am more concerned with our current bankruptcy laws which are far too harsh when compared to the UK and Europe. It discourages many people from starting their own business.

With regards to Quinns debt and Anglo chasing him most people posting anti Quinn posts probably wouldn't give it a second thought if Anglo had not been taken over by government. Quinn isn't the figure we should be angry with, it's Cowan and his FF shills who sold this country to bond holders.

shankespony

Seanie Q v Seanie Fitz, Fitz wins prevents Q from buying a bank on the qt using contracts for difference. Anglo €34bn, Seanie Q €3bn thats €37bn thats alot of ego!!!

zootroid

n97 mini wrote: »

I didn't see the need to put him out of business for 12 years.

He'll never create another job again.

To be able to come back after a year would be ludicrous. It's been well documented that he's been trying to hide away his assets. He simply would have hidden his assets, come out after a year, and start living the good life while the taxpayer picks up the tab.

At least with him being bankrupt for so long there is a better chance of uncovering the assets he's trying to hide away so he can pay off his debts.

I'm all for shortening the period of bankruptcy from 12 years, but one year is ludicrous. A period of 4-5 would be better in my opinion, ensures there's enough time for any assets to be used to pay back creditors, and not overly hard on the person who becomes bankrupt

Anonymous2020

No surprise on the verdict....:cool:

Mr.Micro

I had to laugh when Quinn claimed that the former Anglo Irish bank has a vendetta against him and his family. The naivety of the churl,.......its called pursuing debt, about 3billion.