The four daughters of Sean Quinn have said they are "truly shocked and outraged" at move by IBRC to put Quinn Group Limited into liquidation.
In a statement they said the development meant they would not be in a position to regain control of the business when the issue comes before the courts.
The four daughters, Colette, Ciara, Aoife and Brenda claimed the move was a "new low".
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."
Earlier today, RTÉ News learned that IBRC, formerly Anglo Irish Bank, has moved to liquidate the Quinn Group Limited which was the holding company for Quinn family's business empire.
The development is a set back for the family which has taken legal action on the issue.
They have argued that a share receiver should never have been appointed to the company in the first place by the bank.
Documents have been filed in the Company Registration Office showing the Quinn Group Limited has been wound up by the receiver Kieran Wallace of KPMG
Mr Wallace replaced Seán Quinn's wife Patricia Quinn and his five adult children as 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.
But 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," a statement from 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.
By Business Editor David Murphy.
