Ireland's former richest person declared bankrupt

From theglobeandmail.com

A famed entrepreneur who was once rated Ireland's richest person was declared bankrupt on Monday in a Dublin court as a bank pursues him for debts exceeding €2.1-billion ($2.7-billion U.S.). Lawyers for tycoon Sean Quinn withdrew his opposition to a bankruptcy order sought by the former Anglo Irish Bank, the reckless lender at the center of Ireland's calamitous property crash. The bankruptcy will force a thorough investigation of Mr. Quinn's finances, which the bank hopes will reveal capital and assets that it can reclaim from Mr. Quinn, his wife and five children. Mr. Quinn had a reported 2007 net worth of €4.7 ... (full story)