Sean Quinn Files for Bankruptcy, Former Richest Man in Ireland

The story of one man’s tale of rags to riches and then back to rags is epitomized by the person once regarded as the richest man is Ireland.

Lawyers for entrepreneur Sean Quinn rescinded his opposition to a Republic of Ireland bankruptcy order which was being pursued by the former Anglo Irish Bank, now the Irish Bank Resolution Corporation, as the carefree lender caught in the middle of Ireland's economic crash.

The bankruptcy judgment will lead to a court investigation of Quinn's financial history which the bank is counting on will show that Quinn still has money and other assets that can be reclaimed.

Quinn, 64, did not appear during the court hearing but issued statement in which he accused the bank of facilitating "a personal vendetta" and continued with his opinion that the "judgment in no way improves Anglo's prospects of recovering money for the taxpayer," according to the Irish Times.

In 2007, Quinn had reported a net worth of around $6 billion but when Ireland’s economy crashed much of Quinn’s fortune was tied with Anglo Irish Bank and quickly disappeared.

Quinn recently lost a Belfast legal battle to keep bankruptcy protection in the neighboring British territory of Northern Ireland.

The judge ruled that Quinn had misled a previous court proceeding in which he claimed that his main business operation took place in Northern Ireland, rather than the Republic of Ireland.

"I never done a day's work from southern Ireland in my life," said Quinn, a resident of the Republic of Ireland, to reporters outside the Belfast court.

In his statement of affairs to the court in Belfast last year, Quinn claimed he had around $15,000 in three bank accounts, land in Ireland worth $45,000, and a 2004 Mercedes S600 worth $5,000. He said he had an Irish Life pension worth $165,000, and a Quinn Life pension worth $50,000, as reported by the BBC.

Quinn claims he had no business, was unemployed, had no income and had monthly outgoings of $3,500.

The bank responded to Quinn’s claims by releasing a statement in which they felt disappointment at the accusation put forth by Quinn.

“It is disappointing to note that Mr. Quinn continues to assert that his bankruptcy is a matter of a personal vendetta by IBRC against him and his family. This simply is not true.”