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Sean Quinn declared bankrupt

Quinn Group

Once he was Ireland’s richest man and owned his own insurance company, Quinn Insurance.

 

Now, Sean Quinn has declared himself bankrupt at a court in Belfast over a €2.8bn debt owed to Anglo Irish Bank-which itself had to be rescued by the Irish government.

 

The Irish High Court approved the sale of Quinn Insurance to the bank and US insurer Liberty Mutual in October, and the company is to resume operation under the new name Liberty Direct in November.

 

The future of Quinn Health is still uncertain, as it was not part of the sale.

 

Quinn made the application for voluntary bankruptcy in Northern Ireland because he cannot now pay those loans that are due, following Anglo taking control of the Quinn Group of companies.

International health insurance news: 16 November 2011