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THE IRISH BANK Resolution Corporation has filed for bankruptcy in the US. According to the court service for the state of Delaware, the institution filed for ‘Chapter 15′ yesterday.
A spokesperson for the institution told TheJournal.ie the move was being made to “secure the protection of the courts for IBRC assets located in that jurisdiction.
“These assets form part of the liquidation process currently underway.”
Filing under Chapter 15 allows a company to protect itself from US lawsuits while insolvency proceedings are under way abroad.
The entity, comprised of the former Anglo Irish Bank and Irish Nationwide, was put into liquidation by the Irish Government earlier this year.
The Dáil sat all night to pass the legislation for the move, made in a bid to reduce the immediate burden of promissory note payments. The IOU notes amounting to €31 billion were given to the IBRC around 2010 to allow it to borrow funds from the Central Bank.
It had been originally planned that the bank would be given until 2020 to deal with its substantial loan book, work out its asset portfolio and achieve “full resolution”.
According to Bloomberg, IBRC listed more than a billion dollars each in assets and debt in its bankruptcy petition.
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What is this “macho-ism” crap of sitting all night? Why sit all night when you can stop throwing insults and political digs back and forth and just pipe the fook down and do a days work?
Is it too much to ask that politicians make such decisions on a good nights sleep?
George
What wealth of the Irish was given to others…..imaginary wealth built on lies and dishonesty….get real !
The head of Shell Ireland was on Sky news last week saying we could provide an alternative to Russia in supplying the UK with Gas.
Buck Rodgers must have been in space when the 100 billion of Irish peoples money was handed over to cover the gambling debts of Anglo and the rest of the delinquent banks.
Hmmm, I smell a rat. Looks like IBRC/ Anglo/ our government are feeling the heat….Afraid of what might come out in future cases against them….
Afraid the Quinns will win and sue them for billions. Will all come out in the court cases that anglo should never have went into their companies, tried to blame Quinn for the whole collapse of the economy, when he was lied to and used by Anglo to save the Bank, and their million euro jobs. They thought the Quinns would have given up by now, but I sincerely hope they go the whole way and win. I hope they get their companies back , and salvage what’s left of them.
Dead right Louise. Did you read the Anglo guys that orchestrated the takeover of Quinns companies, Ansley,Woodhouse’s and Hunersan are now suing Anglo “the taxpayers” for higher redundancies , their € 800k per year was not enough for them . They are now back in their respective countries Australia, England and USA . They preached for 3 years that they were acting in the taxpayers interest and are now effectively suing the taxpayer. They are unfortunately now gone so if the Quinns win their case they won’t be held accountable. Does anyone in Government, or government agencies ever have to answer for their mistakes. Kevin Cardiff miscalculated 3 billion euro and got a big promotion to Europe. Only in Ireland!!!!
Well said I hope the Quinns come out on top, them fukcing anglo bought our country to it’s knees
Is this the same IBRC who paid Mike Ainsley 974,000 & 866,000 respectively, for 2 of the years he worked for them? Imagine a defunct bank having the capacity to pay such salaries to it’s management!
It’s no wonder that they’re trying to tie up any loose ends now, in a panic. Getting rid of everything in good time, as they are fully aware that Quinn has them by the goonies and he’ll win his case hands down. There calculated sneakiness, and then there is Anglo/IBRC!
I meant ‘there’s’ calculated sneakiness
The fact is that Minister Noonan, Enda Kenny and co committed what could amount to treason by putting IBRC into liquidation the way they did. They pushed this legislation through in the middle of the night because of the news that IBRC was going to be put into liquidation was “leaked”…..although Justine McCarthy reported the next day that a close government source said that this act was always going to be pushed through in the middle of the night. Why did the government want this legislation pushed through? They converted weak promissory notes into cast iron debt that we, and generations of our children, are going to have to pay back. Minister Noonan had the cheek to go on the Pat Kenny radio show the next day and chuckle about the fact that the promissory notes were hardly legal. And what was the other reason they pushed this liquidation through? Sean Quinn wasn’t backing down with his law case and they got scared. They even put a clause in the legislation to say that any ongoing cases against IBRC had to cease…..thankfully that has been overturned by our courts.
And as for Mike Ainsley. This man earned more than twice Barrack Obama. Think about it. Twice Barrack Obama…to run a defunct bank. I read in the Sunday Business Post on Sunday that he, and two of his cronies (whose salaries were also in excess of €500,000) are thinking of taking legal action because they don’t agree with the statutory redundancy they received when the bank was liquidated. The whole thing is laughable.
Quinn is a joke…buddy…he is a crook and should do the decent thing and pay what he owes …he stole from everyone who had a Quinn policy and you are defending him….get a grip
Let’s hope Noonan lives long enough for his treachery in converting the illegal promissory notes into a sovereign bond under instruction from the ECB.
Quinn ran successful companies for more than 40 years, he has created more jobs on the island of Ireland than any other person, he and every member of his family stayed here, worked here and payed their taxes here. I fully agree he made mistakes, but have you heard the Anglo tapes .? Do you believe these bankers conned the Germans, the government and the regulator but told no lies to Quinn, get a grip. As for Quinn Insurance there is now going to be Court cases in relation to it, and then we will know who caused the levy ,the” auditors , senior public servants,, the administrators, the regulator or Quinn, I for one will wait for that case, before I back a retired public servant on a € 300k pension, or a regulator who has now jumped ship, knowing he and his office are going to be questioned on Quinn Insurance and their knowledge into the maple 10. I will back the man that stayed put to fight his corner as everyone else seems to be running away . An Irishman that has done more for his country than you or I.
Here here Louise well said
unless those court cases involving Quinn are televised or have constant coverage, we are never going to find out what exactly happened. We only ever hear very little of what actually goes on and the things that could come out in the court cases we will probably hear very little about them. Does anyone know are they letting in the media for full and actual coverage of them, or are we going to hear what they want us to hear and that is it?
You Quinn supporters are so gullible ….the man ran his business into the ground took money that wasn’t his to fund his lavish lifestyle ..put all those jobs in jeopardy all for greed…he is pathetic and should be stripped of everything he owns to pay what he owes…..everyone in Ireland will be paying this levy for the rest of our lives while the greedy pathetic little man still lives his lavish lifestyle and you are fool to be sucked in by his lies….the man is quilty of deceit and fraud and should be locked up…
Martin you must have been one of those Anglo bast….ers
Who makes money out of this , its hardly in the interest of the tax payer or am I just being cynical!!!
The taxpayer NEVER wins… that’s why you should never pay more tax than you have to.
This stinks.
Who are they trying to protect these assets from?
You and I !
Assets? What assets? Yet more money Anglo is costing us….
Bankruptcy? Why don’t they lie through their teeth and get billions from the Government. Oh yeah, they’re in the US. Government ministers aren’t thick stupid over there!
Good riddens.
All this because they know Sean Quinn is going to win his case against Anglo watch this space that’s why they want it wound up as quick ad possible
Goebong.
The protection boat sailed a long long time ago.
When Lenihan gave those with over 5mn in deposits a chance to clean out their accounts and billions disappeared over night. When he let them hive loans off to and then sell their Austrian Unit, which was the one piece that had the badly needed capital they had.
Another strategic defaulter.
Will you get a new photo?
Quinn is a gangster but not one person in Sligo/Cavan and Leitrim can see that.
Here here Patrick….don’t understand why those gullible fools believe him to be innocent….
There was wrong done by Anglo and Quinn but in any other country the government would step up and support
A company that had so many employed like the car company’s in the US and steel company’s in the uk .
Instead they took a hammer to this group of company’s . NAMA is paying developers to mange there own property portfolios because it makes common sense , why did they not do the same with Quinn group .
When will cop on be though in collage .
have your say