Dáil Éireann Debate, Thursday - 14 February 2013
139. Deputy Michael McGrath asked the Minister for Finance the implications he expects arising from the liquidation of the Irish Bank Resolution Corporation on outstanding legal actions against the institution; and if he will make a statement on the matter. [7907/13]
View answerThe effect of the IBRC Act was to place an immediate stay on claims against IBRC, including counter claims which do not give rise to a right of set off. New proceedings against IBRC can only be commenced with the leave of the Court. On the seventh of March the High Court is to consider submissions in respect of this issue and rule on whether the Court has a discretion to lift the stays placed on ongoing actions by operation of the Act. Litigants who succeed in actions against IBRC will rank as unsecured creditors in the liquidation. If a claimant is also a debtor of IBRC, and that debt is sold to NAMA or a third party buyer, such buyer will acquire that debt subject to that claimant’s pre-existing valid and enforceable claims and counterclaims that give rise to an enforceable right of set-off against the debt.
