The High Court has refused to lift orders freezing the bank accounts of the family of bankrupt businessman Sean Quinn. The family had also sought to discharge orders stopping the Quinns dealing with their International Property Group (IPG) assets such as the Kutuzoff Tower in Moscow.

The IPG orders were secured by the former Anglo Irish Bank in 2011 ahead of a full hearing in which it alleges a conspiracy by the Quinns to put these assets beyond the bank's reach. Earlier this year Special Liquidators were appointed to IBRC.

The Quinns argued that an undertaking by the bank to pay damages of €5 million should it lose its case against them is worthless as the bank is 'now by definition insolvent'.

The family also argued €5 million is grossly inadequate as the disputed IPG assets are 100-times more valuable.

IBRC contended that even if there is some doubt about the sufficiency of the undertakings as to damages, the court would have to put into the balance last year’s contempt of court proceedings in which Ms. Justice Elizabeth Dunne found Quinn family members had 'put together a deliberate and premeditated scheme in order to dissipate the IPG assets'.

In his ruling today, Mr. Justice Michael Peart said he found it 'unavoidable' that the present bid to have the orders lifted should be viewed against this background.

He said the orders were sought because steps were taken to remove assets and the balance of convenience is clearly in favour of the injunctions remaining in place in order to ensure 'such unlawful activity would not resume'.

He has ordered IBRC to lodge €5 million into court by the end of August to fortify the bank's undertaking as to damages.