The High Court in Belfast has heard that a multi-million pound loan agreement on international property linked to bankrupt businessman Seán Quinn is hardly worth the paper it is written on.
The IBRC is seeking an order that would enable it claw back a $45m assignment on assets including a Ukrainian shopping centre once owned by Mr Quinn's family.
It has brought a case against the British Virgin Islands registered Lyndhurst Development Trading.
It is bidding to seize the mall in Kiev as part of a bid to recoup more than £2bn from the businessman.
The bank fears the assets may have been stripped out to prevent it securing the money it claims to be owed.
Judgment in the case is expected later this week.
