A property developer who owes Ireland's so-called bad bank some 300 million euros (247.9 million pounds) followed his similarly indebted brother in declaring himself bankrupt in Britain, insolvency papers showed on Wednesday.

Brothers Raymond and Danny Grehan, who bought a Dublin site in 2005 for a record 82 million euros per acre, were ordered by an Irish court to pay the state-run National Asset Management Agency (NAMA) 312 million and 308 million euros respectively.

Danny Grehan was declared bankrupt in Slough County Court on the outskirts of London on January 6 with an address of Uxbridge, according to papers published on the UK Insolvency Service website.

Raymond Grehan last month also took advantage of more lenient insolvency laws in Britain by declaring himself bankrupt in London.

While Dublin has cut the period of applying for discharge from bankruptcy to five years, and plans to further ease this duration, automatic discharge can still take 12 years compared with the 12 months typical under UK law.

An applicant who has previously lived abroad can be made bankrupt in the UK if a court deems it to be the country where their centre of main interests lie, a term that refers to the location where the applicant runs a business or earns a living.

A court in Belfast, Northern Ireland, on Tuesday annulled the UK bankruptcy of Sean Quinn, once the Republic of Ireland's richest man, after deciding he would have to be declared bankrupt in the Republic, the centre of his business activity.

(Reporting by Padraic Halpin; Editing by David Hulmes)