Fermanagh businessman Sean Quinn in bankruptcy move
Sean Quinn was stripped of control of his manufacturing and insurance business empire in April
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.
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.
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.
Irish Bank Resolution Corporation (IBRC) - the new name for Anglo Irish Bank - disputed Mr Quinn's claim that he is resident in Northern Ireland.
"The bank is examining the validity of this application for bankruptcy in light of Mr Quinn's residency and extensive business interests and liabilities within the (Irish) state," it said on Friday.
Mr Quinn claimed to have been left with no alternative but to take the "drastic decision" over problems which stemmed from "ill-fated investments in Anglo".
I have done absolutely everything in my power to avoid taking this drastic decision”
End Quote Sean Quinn
He accepts that he owes around 194m euros to Anglo for property loans which he cannot repay.