In what is something of a pattern, the most wealthy have been known to “lose it all” and file for bankruptcy protection. This is happening now in Ireland. This can happen if that person’s “wealth” is mainly on a balance sheet, made up of illiquid assets or stock in a volatile company or is based on supposed equity in real property, which depends upon an appraisal of the property which may or often may not tie to its actual value.
“A famed entrepreneur who was once rated Ireland’s richest person was declared bankrupt Monday as a bank pursues him for debts exceeding 2.1 billion euros ($2.7 billion). Lawyers for tycoon Sean Quinn withdrew his opposition to a Republic of Ireland bankruptcy order sought by the former Anglo Irish Bank, the reckless lender at the center of Ireland’s calamitous property crash. The bankruptcy judgment will force a thorough court investigation of Quinn’s finances, which the bank hopes will reveal capital and assets that it can reclaim from Quinn, his wife and five children.”
Here is a link: http://www.msnbc.msn.com/id/46014885/ns/world_news-europe/