The High Court in Belfast has been told that loan transfers were backdated in a bid to put them beyond the reach of the former Anglo Irish Bank.
The court heard that the transfers covered properties previously owned by the family of the businessman Seán Quinn.
Senior counsel for Irish Bank Resolution Corporation said there was overwhelming and undisputed evidence that assignments in connection with the Kutuzoff Tower in Moscow could not have been executed before July last year.
Gabriel Moss QC pointed out that Mr Quinn had lost the power to sign off on such deals when IBRC moved on his business empire on April 14 2011. He said the document was therefore rendered null and void as there was no authority for the transaction.
IBRC is seeking to take control of the tower as part of its attempt to recover more than €2 billion from Mr Quinn.
It Is seeking an order setting aside the debt transfer made to a Belize-based company, Galfis Overseas Ltd. Mr Moss said Galfis was "taken off the shelf" last July for the purpose of the disputed transaction.
With the company now in receivership, the IBRC application was not contested.
Proceedings were brought in the North because Demesne Investments Ltd, which entered into a prior loan agreement with Galfis, is registered in Co Fermanagh.
Mr Justice McCloskey requested some amendments to the legal papers submitted on behalf of the bank before he rules on the application. His verdict will be delivered next Wednesday.