A nephew of businessman Sean Quinn has been declared bankrupt over alleged debts of $188 million (€145million).

The joint liquidators of the Irish Bank Resolution Corporation (IBRC) obtained the order against Peter Darragh Quinn at the High Court in Belfast.

He is the second member of the family to be made bankrupt after the same outcome was secured against his former billionaire uncle Sean Quinn.

Peter Quinn, with an address at Sessiagh East, Innishmore, Lisbellaw, Co Fermanagh, is currently facing arrest if he returns to the Republic.

In July 2012 the High Court in Dublin ruled him, Sean Quinn and his son Sean Quinn Jr in contempt of an order not to seek to put their property empire beyond the bank's reach.

The Quinn family have been embroiled in a high-profile legal battle with IBRC, formerly the Anglo Irish Bank.

The bank launched action over claims the Quinn family owes it more than €2 billion.

Sean Quinn, once Ireland’s richest man, served a nine-week prison term for contempt, while his son was sent to jail for three months.

But when Peter Quinn did not show up for sentencing a warrant for his arrest was issued.

He has remained in Northern Ireland, outside the Dublin court’s jurisdiction.

By securing the bankruptcy adjudication against him in Belfast on September 8th, IBRC can now go after any assets held by Peter Quinn.

The bankruptcy petition against him stated: “The debtor is justly and truly indebted to us in the sum of $188 million, together with interest at the rate of 8 per cent from July 29th, 2013.

“This sum is due on foot of an order of the High Court of Ireland.”

It adds: “The above mentioned debt is for a liquidated sum payable immediately and the debtor appears to be unable to pay it.”