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Thursday, December 1, 2022

Former Claridges Owner Derek Quinlan Files For Bankruptcy


trendy financier and ex Claridge owner Derek Quinlan has filed for bankruptcy.

Mr Quinlan said the ongoing legal dispute with the National Assets Management Authority (NAMA) Ireland Keeping him out of work means he can’t fight the lawsuit alone.

he is already in high court in London.

The real estate investor built a multi-billion euro portfolio leading Quinlan Private in the 2000s, holds a stake in the Savoy Hotel Group and has invested in a number of other major venues including Claridges and Connaught.

Fell into financial trouble after the 2009 financial crisis, resigned from Quinlan privately in 2009.

April 2011, NAMA – an institution founded by the Irish government After the financial crisis – a receiver was appointed to take over some of Quinlan’s properties after he failed to repay millions of euros in loans.

On Wednesday, Mr Quinlan said NAMA had rejected “every effort” to fix the problem over the next few years.

“We were unable to reach an agreement, although I have paid NAMA’s 3.1 billion euros of personal and related debts,” he said in a statement.

As a result, he was forced to sell a number of properties, including prime London property holdings.

Quinlan previously faced a bankruptcy filing from Edgeworth Capital, a fund owned by billionaire Robert Tchenguiz.

Following the purchase of the Santander headquarters in Madrid in September 2008, Edgeworth and Aabar Investments acquired approximately €75 million of Mr Quinlan’s personal debt.

Mr Quinlan said he was unable to restart his career and pay his debts as his battle with NAMA continued.

“However, it should be emphasized that I will not agree to Tchenguiz’s bankruptcy filing and alleged filing debts; the grounds for filing the petition remain disputed,” he said in a letter.

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