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IBRC Liquidation

Dáil Éireann Debate, Tuesday - 16 July 2013

Tuesday, 16 July 2013

Questions (191, 192)

Pearse Doherty

Question:

191. Deputy Pearse Doherty asked the Minister for Finance the basis for his stated reasons of commercial confidentiality and sensitivities in respect of his refusal to confirm the amount of legal and professional fees being incurred by the special liquidators since their appointment. [34237/13]

View answer

Pearse Doherty

Question:

192. Deputy Pearse Doherty asked the Minister for Finance the reason for his information black-out on the payments of legal and professional fees by Irish Bank Resolution Corporation with the public interest. [34238/13]

View answer

Written answers

I propose to take Questions Nos. 191 and 192 together.

The Special Liquidators will fully comply with their reporting obligations and as such the liquidation accounts will be filed with the CRO after two years of the liquidation and yearly thereafter. These accounts will include detail on the costs, charges and expenses incurred by the Special Liquidators in that period.

As is normal in liquidations of companies, all costs, charges and expenses properly incurred by the Special Liquidators in relation to the winding up of IBRC, including the Special Liquidators’ fees, will be paid out of the assets of IBRC in priority to all other claims.

The Special Liquidators are responsible for maximising the recovery of the assets of IBRC for the benefit of its creditors. I am advised that the Special Liquidators are keenly aware of their obligations in that regard but that disclosure of commercially sensitive fees and expenses, beyond what is legally required, could potentially have a detrimental impact on the liquidation.

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