I published the 8th Update Report from the Special Liquidators in July 2021 and this report is available on my department's website. This report highlighted the ongoing impact which COVID-19 was having on some of the key aspects to delivering a successful winding up of IBRC. In particular, COVID-19 impacted the asset realisation strategies of the Special Liquidators, as well as the timely conclusion of outstanding legal cases which were impacted by delays in court sittings. It is anticipated that the IBRC liquidation will complete by the end of 2024. There are a number of assumptions which underpin this timeline but the conclusion of outstanding litigation is the most material.
The estimated value of the 12 remaining assets is commercially sensitive and the process around the sale of these 12 assets has already commenced.
There are approximately 15 people who continue to work on the liquidation with varying levels of activity.
The date at which operations will scale down will be the date the liquidation finalises, which I anticipate to be the end of 2024 as noted above.
As set out in the 8th Update Report, the special liquidation legal and professional fees to 31 December 2020 amounted to €285.8m (net of rebate).
