IBRC’s special liquidators have bought out its partner in the controversial joint-venture it established nearly three years ago to recover key Quinn family assets in Russia and Ukraine, for $34m (€31m).

Seán Quinn Jr walked free from the Four Courts yesterday as the High Court heard bankrupt billionaire Seán Quinn Sr wants to co-operate with the former Anglo Irish Bank and purge his contempt.

The Irish Bank Resolution Corporation claims that had material regarding huge payouts to the Quinn family been before the High Court earlier this year in a hearing to determine if family members breached court orders over asset stripping, it would have had an important influence on the court.