Former Munster and Irish rugby star Frankie Sheahan is bankrupt

Former Munster and Ireland rugby star Frankie Sheahan has been declared bankrupt in the High Court, owing over €1m.

The 40-year-old former hooker, who was forced to retire from the game at the age of 32 because of injury, had declared an interest in eight buy-to-let properties in Cork that he had bought between 2005 and 2008.

He was forced into bankruptcy after Bank of Ireland turned down a personal insolvency arrangement he had offered to creditors. He owes €1.1m to Bank of Ireland.

His bankruptcy application was accepted by the High Court last week.

Sheahan said it was with “great disappointment and sadness” that he had declared bankruptcy and said that he had sold his family home to pay his debt and offered to sell off his investment properties.

He said he had sought more time from BOI as he believed that rising property prices and rents would allow him to clear his debts in time.

“I have always been able to meet my financial commitments,” he said. “However, this only changed when my only creditor, Bank of Ireland, demanded immediate repayment of all sums owed. This was not financially possible.”

Sheahan runs the Pendulum Summit, an annual conference which brings in motivational speakers from around the world. He also works as a motivational speaker and media pundit.

He said that, as his rugby career ended, he had been advised to invest in property using his career savings and bank loans. During the subsequent downturn, property prices fell by 40% and rents dropped sharply.

Sheahan’s bankruptcy comes weeks after another of Munster’s former front row went bankrupt: Limerick’s Peter Clohessy, former Munster and Ireland prop, Clohessy had debts of €13m.

Sheahan, with an address at Mount Oval, Rochestown, Cork, was capped 29 times for Ireland and played for Munster on 154 occasions.