Sean Quinn - Bankrupt

irishtimes.com/newspaper/bre … tml?via=mr

Mr Quinn will never create anothet job! Fuck me that can’t be allowed to happen.

Ireland will survive without 65 year old entrepreneurs. There’s cute hoors waiting in the wings, let Sean be an example to them - never to soar too close to the sun.

I think the fact that they can chase Mr.Quinn for every penny until he turns 76 means they probably will recover more than if he went bankrupt in the UK.

I have no doubt than Sean is regarded as outside the establishment and there may well be a vendetta against him but he must accept he played a dangerous game and lost.

I wonder will one of the kids now set up the expected Q2 insurance firm?

“Q2 Insurance” will never happen, even the Irish regulator isn’t stupid enough to give a Quinn a licence to operate an insurance company.

All the assets are controlled by his children so we won’t be recovering anything unless we can get those transfers overturned.

Well, he’ll never serve on a Board of Management for a primary school now.

Well FF & SF were pissing & moaning last week that they had nothing on the order of business for the new days they are sitting.

I propose they dedicate their new Friday sittings to writing & passing new laws specifically to retrieve the Irish taxpayers money filched by parasites like Sean Quinn ! :nin

Who would risk their reputation?

He, or any company connected to him, won’t be allowed by the Financial Regulator to write business in this country, especially considering the 2% levy on insurance policies that had to be levied because Quinn Insurance used their loss reserves to take their stake in Anglo.

dilloneustace.ie/download/1/ … reland.pdf

Considering QuinnDirect never bothered to seek suitably qualified people for the insurance industry, I doubt Q2 would bother.

It is very difficult to overturn transfers made 5-10 years ago (well before the CFD purchases).

Anglo is paying the political game. A bankrupt in the UK is petty much the same as a bankrupt in Ireland (all available assets are liquidated and used to pay down debt).

From Anglo’s perspective the main difference is that it costs €300-500k (Ignoring the cost to overturn the Northern Irish bankruptcy) to make somebody bankrupt in Ireland and unfortunately the taxpayer will be footing the bill as the value of his assets are only 50k.

Maybe not, but it may be possible to make those who he made transfers to responsible for any loans/debts they incurred on his behalf when they were adults.

Why is the line constantly being peddled that Quinn took a massive punt on Anglo and lost? I don’t believe it, there’s got to be more to it all than an incredibly rich businessman making a stupid decision in a moment of madness.

Well there’s also the hotels, radiators, glass manufacturing, cement , all of which are cyclical industries struggling at the moment. The trophy properties in the UK and canny investments in sketchy countries. Then there’s the insurance companies with a long history of poor investment decisions.

All symptoms of the same disease

My vague memory is that he has form in this regard, lost a packet on the dot.com bubble, but thereafter declared to have learned his lesson and hired professionals to manage/invest money for his insurance business

I used to admire him as a genuine entrepreneur who got caught out, but have largely lost faith in him with this hiding money and bankruptsy runarround. He has destroyed his reputation and good name as an honerable person to me.

I have a vague recollection of that, in fact I was just searching for it. Iirc brother and former GAA Presidente Peter Quinn was Chief Investment Officer and had to be replaced.

His brother is his equal in the fuckwit stakes.

finfacts.ie/irishfinancenews … nter.shtml

Still owes Anglo 80 million in relation to this having lost over 200 million in this little episode.

Agreed. The insurance thing looks like a scam all along too. Just a ruse to get cash from policy income and divert it elsewhere.

:laughing: