The Irish Bank Resolution Corporation has moved to liquidate the Quinn Group Limited, which was the holding company for the Quinn family's business empire.
The development is a setback for the family who have taken legal action, arguing that a share receiver should never have been appointed to the company in the first place by the former Anglo Irish Bank.
In a statement this afternoon, the four daughters of Seán Quinn said they are "truly shocked and outraged" at the move by IBRC.
Colette, Ciara, Aoife and Brenda Quinn said the move was a “new low” and meant they would not be in a position to regain control of the business when the issue comes before the courts.
"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 statement said.
Documents have been filed in the Company Registration Office showing that the Quinn Group Limited has been wound-up by the share receiver, Kieran Wallace of KPMG.
Mr Wallace replaced Seán Quinn's wife, Patricia, and the five Quinn children as the shareholders in the group.
The development means the Quinn Group Limited will cease to exist.
It had been used as a vehicle to hold companies engaged in packaging, glass, radiators and building materials.
However, it is currently a shell company and the manufacturing companies are owned by IBRC and a consortium of banks.
"The Quinn Group Limited, the former holding company of the Quinn Group, entered into a members' voluntary liquidation on 24 July 2012," the Quinn Group said.
It said after the restructuring of the group, a new legally ring-fenced entity called Quinn Group Holdco Limited was created to hold the manufacturing businesses.
