Former billionaire Sean Quinn will exit bankruptcy this Friday, having had debts of €2bn wiped.

The Cavan businessman is reported to have landed consultancy work and has agreed to pay €20,000 to his creditors.

He was once Ireland's richest man, but in early 2012 the one time billionaire was declared bankrupt because he could not pay his massive debts to the former Anglo Irish Bank.

But his three years in the wilderness are officially over this Friday.

Reports suggest he has already landed consultancy work with part of his former business empire in Derrylin.

Today the High Court was informed that Mr Quinn has struck a deal with Chris Lehane - the official overseeing his bankruptcy.

Under personal insolvency law, the businessman will for pay €10,000 from his earnings to Mr Lehane for two years for the benefit of his creditors.

Newstalk.com's courts correspondent Francesca Comyn explained to Lunchtime how €2bn has been reduced down to just €20,000.