The way is now clear for former billionaire Sean Quinn to be discharged from bankruptcy on Friday after he agreed to pay €20,000 from any future earnings over the next two years.

Once Ireland's richest man, Mr Quinn has accepted a deal with the court-appointed official supervisor over his bankruptcy.

It will see him pay €10,000 a year from any income he may have from his new role as consultant to part of his former empire.

Chris Lehane, the official assignee of bankruptcy made the case before Ms Justice Caroline Costello in the High Court this morning.

After she agreed to approve the application, Mr Lehane was found to be entitled to the claim on a total of €20,000 from Mr Quinn's earnings until January 2017.

The money will most likely go towards the pot for his creditors, mainly IBRC.

Once the richest man in the country, Mr Quinn ran up debts of €2bn after gambling on the former Anglo Irish Bank's share price.

The nationalised bank pursued Mr Quinn on behalf of the taxpayer and it saw the highest judgements ever made by an Irish court , made against Mr Quinn for sums of €417m and €1.7bn.

Mr Quinn claimed he was working to pay off his debts when IBRC receivers ousted him from his chairmanship of the Quinn group.

He was subsequently jailed for "serious contempt" when a court found he had sanctioned asset-stripping of the Quinn group before his departure.

Mr Quinn returned to the Derrylin HQ of the Quinn group the day before Christmas Eve, having landed a job as a consultant or advisor with the company owned by a consortium of his business supporters, who bought back part of his old Quinn empire.

The former billionaire is set to be discharged officially from his debts of €1.2 bn to the IBRC on Friday - three years to the day since he was declared broke, with just €300 to his name.

Online Editors