From rags to riches, now back to rags

SEAN QUINN, once Ireland’s richest man, has declared himself bankrupt in a Belfast court over nearly €3 billion of debts to the former Anglo Irish Bank.

The entrepreneur’s multi-billion empire collapsed over the past two years on the back of massive and secret stock market gambles on the share price of the now nationalised rogue lender.

But the bank, rebranded the Irish Bank Resolution Corporation (IBRC), warned that Mr Quinn and his family owe the state €2.8 billion and challenged his claim of Northern Ireland residency.