I have been advised by the Special Liquidators that they have corresponded with all IBRC borrowers providing them with an opportunity to make written representations on the method of disposal of their loans and the criteria for determining who may bid for loan assets. Consideration was given to Borrower representations and the Special Liquidators have responded to those Borrower representations. The Special Liquidators are under instruction from the Minister to ensure that the valuation of all IBRC assets is completed by 30 November 2013 and that the sale of all IBRC assets is agreed or completed by no later than 31 December 2013 or as soon as practicable thereafter.
The Special Liquidators have engaged specialist advisors who are providing advice as to whether a loan should be sold individually or as part of a portfolio in the context of the Special Liquidators’ objectives to achieve maximum value for the assets within the instructed timeframe.
The Special Liquidators do not intend to disclose the valuation of IBRC assets as it is commercially sensitive information which could potentially have a detrimental impact on asset recovery from the impending sales process.