IBRC Liquidation

Dáil Éireann Debate, Tuesday - 24 June 2014

Tuesday, 24 June 2014

Questions (141)

Pearse Doherty

Question:

141. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 111 of 27 May 2014 if, in view of the transcript of the hearing in the Delaware bankruptcy court on 13 May 2014, when Judge Sontchi stated in his summing up, which led to the order for IBRC to set aside US$36 million, there is money being set aside to make sure that, in the event the recognition order is overturned, there are funds available in the event he was ultimately successful in prosecuting litigation; if he will change or correct his response on 27 May 2014. [26817/14]

Written answers

Minister for Finance (Deputy Michael Noonan)

I am not aware of any need to change or correct my previous response on this matter. I have been informed by the Special Liquidators that Counsel for John Flynn confirmed that the amount set aside is not connected to an alleged racketeering claim. The Special Liquidators have re-iterated that the US Bankruptcy Court has requested that they set aside an amount of $36 million for a period of 60 days to allow the Flynn parties an opportunity to seek a stay on the order for recognition granted to the Special Liquidators by the US Courts pending an appeal. The Special Liquidators are happy to comply with the Court's request.