Dáil Éireann Debate, Thursday - 4 July 2013
106. Deputy Pearse Doherty asked the Minister for Finance if he will confirm the special liquidator's assertion that due to the level of insolvency of Anglo Irish Bank there will be no distribution to any unsecured creditors. [32770/13]
View answerI have been advised by the Special Liquidators that the normal Companies Acts’ priorities will apply in this liquidation process. The proceeds from the disposal of IBRC’s assets will be used to repay creditors in accordance with normal Companies Acts priorities, and consequently preferred creditors will be paid first and then the debt which NAMA has purchased from the Central Bank will be paid. If there are proceeds available after repayment in full of the NAMA debt, these proceeds will be applied to remaining unsecured creditors.
