IBRC Legal Cases

Dáil Éireann Debate, Thursday - 4 July 2013

Thursday, 4 July 2013

Ceisteanna (102, 103)

Pearse Doherty

Ceist:

102. Deputy Pearse Doherty asked the Minister for Finance the way court awards against the special liquidator will be funded. [32766/13]

Pearse Doherty

Ceist:

103. Deputy Pearse Doherty asked the Minister for Finance the way any court awards in favour of the special liquidator will be allocated and applied. [32767/13]

Freagraí scríofa

Minister for Finance

I propose to take Questions Nos. 102 and 103 together.

I am advised by the Special Liquidators that where proceedings were initiated against IBRC prior to the appointment of the Special Liquidators these awards may rank as an unsecured creditor in the liquidation. I am further advised that awards against the Special Liquidators will be treated as a cost of the liquidation and funded through the sale of the assets of IBRC (in Special Liquidation). I am advised that Court awards in favour of the Special Liquidator will become an asset of IBRC (in Special Liquidation) and will be distributed to the creditors subject to the normal legal priorities as set out in the Companies Acts.