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Sean Quinn and his family will no longer have any role in the management of the Quinn group following a restructure announced on Thursday.

Anglo Irish Bank has announced that Kieran Wallace of KPMG will take control of the Quinn family's shares.

In a separate announcement, Liberty Mutual and Anglo Irish Bank were confirmed as the preferred bidder for the company.

All jobs in the Republic of Ireland and NI will transfer to the joint venture.

Anglo Irish Bank is owed 2.88bn euros by Sean Quinn and his family, while other lenders to the Quinn Group are owed almost 1.3bn euros.

A five-year restructuring plan has been agreed between Anglo and the Quinn Group's lenders, aimed at stabilising the businesses, which are described as "fundamentally good and profitable".

Anglo Irish Bank chief executive Mike Aynsley said the bank was owed an "enormous" amount of money by the Quinns, which they were not in a position to repay.

He said the bank had taken an approach which protected the businesses and paved the way for maximising the repayment of debt to the Irish tax payer over time.

Quinn Group chairman Pat O'Neill said the financial restructuring was "essential for the survival of the business", and said more than 2,600 jobs would be protected.

The company also revealed that Liberty Mutual and Anglo Irish Bank was the preferred bidder for the company.

Liberty Mutual would provide the management and insurance expertise to Quinn Insurance.

Anglo Irish Bank will retain a minority share holding in the new firm but will have no dealings in the day-to-day management of the new company.

It is hoped a deal will be finalised within the next four to six weeks.

The High Court heard that all 1,570 jobs in the Republic and in Northern Ireland will transfer to the joint venture. Cavan will remain the head office of the business.

As part of the plan, the Navan office is to close and the 100 staff will relocate to either Blanchardstown or Cavan.

Thirty staff employed in Manchester are to be offered redundancy.

In a statement, the Central Bank said it noted the announcement from Quinn Insurance.

A petition signed by 90,581 people was also presented to Minister for Finance Michael Noonan asking that any plan for Quinn Insurance's future be fully examined before a decision is made.