Sean Quinn, once Ireland's richest man, will no longer have any role in the Quinn Group which he created and made his fortune from, the Irish Independent reports.
Nationalized Anglo-Irish Bank, which the tycoon invested and lost heavily in, has secured a deal for the businessman's holdings to be transferred to a receiver.
All 2,600 manufacturing jobs, including 1,000 in Ireland, have been saved.
The deal to transfer shares to Kieran Wallace, of accountancy firm KPMG, was struck after Quinn failed to repay €2.8 billion in loans built up through borrowings used to fund massive and complex share investments in Anglo.
All parts of the Quinn manufacturing group, which is involved in glass, construction, insulation materials, packaging, plastics and radiators in a number of countries, have also been protected for five years.
A company spokesman described it as good news for workers and said it would help give the businesses some "breathing space.
Michael Noonan, Finance Minister, said he welcomed the deal agreed by Anglo - the bank being funded to the tune of about €30bn by Irish taxpayers and being wound down.
