IBRC to start Sean Quinn bankruptcy petition in High Court

The High Court is to hear a bankruptcy petition against former billionaire Sean Quinn.

The case is being brought by Irish Bank Resolution Corporation, formerly Anglo Irish Bank.

Mr Quinn is no longer a bankrupt in the UK after a Belfast court last week annulled his bankruptcy at the request of IBRC on the basis that his interests are centred south of the border.

The former Anglo Irish Bank wasted no time in pushing for an early bankruptcy hearing in Dublin.

The bank is owed €2bn and its lawyers voiced concern that any delay in the proceedings would give Sean Quinn time to dissipate his assets and put them beyond the reach of IBRC.

Ireland's bankruptcy laws are more stringent than the UK's, and if IBRC succeeds Mr Quinn will have to wait at least five years before making another go of it in business.