Sean Quinn, once Ireland's richest man, has been declared a bankrupt in the High Court.
The former billionaire did not oppose the High Court petition, which was brought by IBRC, formerly Anglo Irish Bank.
The hearing was over in minutes.
In a packed court number six in Dublin’s Four Courts, senior cunsel Paul Gallagher for IBRC told the High Court that the businessman had failed to pay debts of more than €2bn on the foot of a bankruptcy summons.
He also drew the court's attention to the fact that the High Court in Belfast last week annulled Sean Quinn's UK bankruptcy on the basis that his centre of main interest is Ireland.
Mr Quinn, 63, was not in court, but his solicitor Gavin Simons indicated from the outset that his client would not be opposing this latest petition.
The former insurance, cement, glass and property magnate now faces a court order barring him from running a company for the next 12 years rather than two years if imposed by a UK court.
The IBRC is also in ongoing disputes with some of the Quinn family over ownership of overseas assets.
It is expected the High Court will examine Mr Quinn’s assets and he will be obliged to hand over documentation to establish how much he is worth.