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Discharge from bankruptcy for Sean Quinn

 

Irish bankrupt dischargedIrish bankrupt and former billionaire Sean Quinn has now been discharged from his bankruptcy.

Quinn’s discharge sees him free from his debts which amount to around 2 billion euros.

Quinn has been ordered to pay €10,000 a year to his court-appointed bankruptcy supervisor for the next 2 years from future income for the benefit of his bankrupt estate and creditors. The main creditor in the bankruptcy proceedings is IBRC who are owed some €1.2 billion.

Formerly the richest man in Ireland, Sean Quinn served a 3 year period as an undischarged bankrupt under revised Irish bankruptcy laws. Under previous legislation he would have served a 12 year period of bankruptcy.

It is understood he is returning to the manufacturing industry with Quinn Industrial Holdings Limited, a firm taken over by his former employees. An advisory role awaits Quinn within the company but his salary details have not been disclosed.

Prior to bankruptcy Quinn was subject to the largest Judgements ever granted in an Irish Court when Judgements were made for sums of €417m and €1.7bn.

 

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