Quinn fails in bid to restrain bankruptcy proceedings

Former billionaire businessman Sean Quinn has failed in a legal bid to have new bankruptcy proceedings against him in the Republic of Ireland put on hold.

A High Court judge in Belfast refused his application to restrain the former Anglo Irish Bank from serving him with a summons.

With the injunction request denied, papers are now set to be served at his home in Ballyconnell, Co Cavan.

He will then have 14 days to either seek to have the summons set aside or else pay alleged debts in excess of €2bn.

The renamed Irish Bank Resolution Corporation, formally Anglo Irish Bank, is expected to petition for Mr Quinn to be declared bankrupt in Dublin.