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| Fermanagh businessman Sean Quinn in bankruptcy move | Fermanagh businessman Sean Quinn in bankruptcy move |
| (40 minutes later) | |
| Fermanagh businessman Sean Quinn - once believed to have been Ireland's richest man - has been declared bankrupt. | |
| He was granted a voluntary adjudication at Belfast High Court on Friday over an alleged 2.8bn euros (£2.4bn) debt owed to Anglo Irish Bank. | He was granted a voluntary adjudication at Belfast High Court on Friday over an alleged 2.8bn euros (£2.4bn) debt owed to Anglo Irish Bank. |
| Mr Quinn, 64, was stripped of control of his manufacturing and insurance business empire in April and owes billions of pounds. | Mr Quinn, 64, was stripped of control of his manufacturing and insurance business empire in April and owes billions of pounds. |
| He and his family are engaged in a legal battle with Anglo Irish Bank. | |
| Mr Quinn was reputedly worth 4.72bn euros (£3.7bn) at the height of his business success. | |
| It is believed to be one of the biggest bankruptcy orders of its kind ever made in either the United Kingdom or Ireland. | It is believed to be one of the biggest bankruptcy orders of its kind ever made in either the United Kingdom or Ireland. |
| Mr Quinn said he brought the application north of the border because he was born, reared and worked all his life in County Fermanagh. | Mr Quinn said he brought the application north of the border because he was born, reared and worked all his life in County Fermanagh. |
| But by declaring himself bankrupt in Northern Ireland it also means he only has to wait a year before going back into business - rather than 12 years in the Republic. | But by declaring himself bankrupt in Northern Ireland it also means he only has to wait a year before going back into business - rather than 12 years in the Republic. |
| He claimed to have been left with no alternative but to take the "drastic decision" over problems which stemmed from "ill-fated investments in Anglo". | He claimed to have been left with no alternative but to take the "drastic decision" over problems which stemmed from "ill-fated investments in Anglo". |
| Mr Quinn accepts that he owes around 194m euros to Anglo for property loans which he cannot repay. | Mr Quinn accepts that he owes around 194m euros to Anglo for property loans which he cannot repay. |
| But the rest of the alleged debt, which relates to Contracts for Difference (CFDs) used to buy bank shares, is disputed. | But the rest of the alleged debt, which relates to Contracts for Difference (CFDs) used to buy bank shares, is disputed. |
| The Quinn family are currently suing Anglo, claiming the CFDs were tainted with illegality. | The Quinn family are currently suing Anglo, claiming the CFDs were tainted with illegality. |
| Mr Quinn applied for voluntary bankruptcy through his lawyer and licensed insolvency practitioner, John Gordon of Napier and Sons. | Mr Quinn applied for voluntary bankruptcy through his lawyer and licensed insolvency practitioner, John Gordon of Napier and Sons. |
| The order was granted during a brief hearing before a Master at the High Court in Belfast. | The order was granted during a brief hearing before a Master at the High Court in Belfast. |
| Following confirmation Mr Quinn said in a statement: "I have done absolutely everything in my power to avoid taking this drastic decision. | Following confirmation Mr Quinn said in a statement: "I have done absolutely everything in my power to avoid taking this drastic decision. |
| "The vast majority of debt that Anglo maintains is owed is strenuously disputed. I cannot, however, now pay those loans which are due." | "The vast majority of debt that Anglo maintains is owed is strenuously disputed. I cannot, however, now pay those loans which are due." |
| He added: "Following Anglo taking control of the Quinn Group of companies, which I and a loyal team spent a lifetime building, I find myself left with no alternative." | He added: "Following Anglo taking control of the Quinn Group of companies, which I and a loyal team spent a lifetime building, I find myself left with no alternative." |
| Mr Quinn fell into financial trouble by purchasing bank shares which then became worthless. | |
| "I am certainly not without blame. I am not in the business of pointing fingers or making excuses," he said. | |
| "However, recent history has shown that I, like thousands of others in Ireland, incorrectly relied upon the persons who guided Anglo and who wrongfully sought to portray a 'blue chip' Irish banking stock." | |
| Mr Quinn started his business in 1973, from the family farm in Derrylin, County Fermanagh. | |
| He borrowed £100 to extract gravel, then started up a cement business. |