Sean Quinn's daughters have said they are "truly shocked and outraged" at Quinn Group Limited's liquidation.
On Friday, RTE News learned that IBRC, formerly Anglo Irish Bank, moved to liquidate the holding company for Quinn's family business empire.
Quinn's four daughters, Collette, Ciara, Aoife, and Brenda said the move was a "new low."
In a statement they said "it is truly devastating that the company our father spent a lifetime building in the local area is being divided up and distributed like spare parts."
The family is taking legal action on the issue, arguing that the bank should never have appointed a share receiver to the company in the first place.
According to RTE, documents filed in the Company Registration Office show that the Quinn Group Limited has been wound up by the receiver Kieran Wallace of KPMG. Wallace replaced Seán Quinn's wife Patricia Quinn and his five adult children as shareholders in the group.
Quinn Group Limited, which had been used as a vehicle to hold companies engaged in packaging, glass, radiators and building materials, is now a shell company with the manufacturing companies being owned by IBRC and a consortium of banks. The development means the Quinn Group Limited will no longer exist.
In a statement, the Quinn Group said: "The Quinn Group Limited, the former holding company of the Quinn Group, entered into a members' voluntary liquidation on 24 July 2012."
Celebrate Oscars 2017 with the top Irish movies of all time (VIDEOS)