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IBRC Liquidation

Dáil Éireann Debate, Thursday - 4 July 2013

Thursday, 4 July 2013

Questions (71)

Pearse Doherty

Question:

71. Deputy Pearse Doherty asked the Minister for Finance if the special resolution filed in the Companies Office on 18 February, which sets out that the sole member of the company, shall be entitled at any time by notice in writing to the company to suspend any or all of the powers of the directors of Irish Bank Resolution Corporation, in special liquidation, under the Companies Acts and under the articles of association, has been activated; and if he will provide details of any such notice serviced on IRBC and which directors powers under the Companies Act or the articles of association that have been suspended. [32750/13]

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Written answers

Following the passing of the Special Resolution, referred to in the Deputy’s question, on 6 February 2013 (which became effective immediately) the Directors of Irish Bank Resolution Corporation Limited were instructed not to exercise any of the powers conferred upon them by the Companies Acts, the articles of association or otherwise pending further instructions from the Minister for Finance. At the same time, the powers of the Directors of Irish Bank Resolution Corporation Limited were vested in a Relevant Person (being an employee of KPMG) until further notice. Following the signing of the Special Liquidation Order on 7 February 2013 the powers of the board of directors of IBRC became vested in the Special Liquidators.

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