Since the date of the Special Liquidation in 2013, IBRC has reduced the number of legal cases under active management from over 1,100 to approximately 82 sets of legal proceedings (comprising 63 cases as defendant, 19 recovery and enforcement actions) and one alternative dispute resolution case.
Many of these proceedings are high profile and/or are of significant value, involving former directors and officers of Anglo/INBS, claims of negligence by professional advisers, or substantial claims for damages against former borrowers concerning their loans and/or related security. Where IBRC is defendant, these cases concern inter alia, allegations of mis-selling of Swaps and investments, mismanagement, negligence, breach of contract and breach of duty.
I am advised by the Special Liquidators that for reasons of confidentiality they are not in a position to outline the costs settled to date in the various legal proceedings.
The Special Liquidators have published six progress update reports on the liquidation of IBRC, the most recent one in May 2019, these reports provide detailed information on the various workstreams ongoing in the liquidation including the legal workstream. All six reports are available on the Department of Finance website (https://www.gov.ie/en/collection/9d6c20-ibrc-progress-report-updates/).