As the Deputy is aware, the legislation surrounding liquidation ranks employees as preferential creditors in respect of certain amounts owing to them on a winding up, including accrued wages and salaries, holiday pay, sick pay, statutory redundancy, pensions contributions and claims for damages arising from accidents. Any claims over and above that described above will rank as an unsecured claim in the liquidation process. I can advise the Deputy that officials within my Department met with the IBOA last month and issues surrounding the status of the employees of the IBRC (in special liquidation) were discussed. The special liquidators have advised that there is on-going interaction between them and the IBOA in relation to these matters. I am advised that the special liquidators are highly cognisant of the issues being raised and that significant steps have already been taken to address those concerns including the confirmation that no further staff would be terminated in the first 3 months of the liquidation. I have further been advised that 802 of the 809 employees in the Republic of Ireland were re-hired to assist with the liquidation of IBRC.
The special liquidators have said that it is their key priority that all employees are fully kept up to date on all developments during the course of the special liquidation. They have indicated that their approach will be to talk with employees directly either in small groups or on a one to one basis and they also plan to communicate by email general updates to employees during the course of the special liquidation.