IBRC files bankruptcy petition in US
The Government put the nationalised lender into liquidation in February under a plan to restructure its €34.7bn bailout.
The previous Fianna Fáil-led administration had given the bank through to 2020 to wind down.
The bank was seized by the State in Jan 2009 as its bad loans soared following the collapse of the property market. Its remaining loans were valued at €16.6bn in Jun 2012, excluding €10.9bn of provisions for future losses, according to its most recent set of public accounts. Its peak loan book stood at over €70bn in 2008.
Other names used by the bank in recent years, according to court papers, were Anglo Boston, Anglo Chicago Corp, Anglo Washington and Irish Nationwide Building Society.
Chapter 15 shields foreign companies from US lawsuits and creditor claims while a company continues the process abroad.
Anglo Irish Bank was founded in 1964, and was once the third largest financial institution in Ireland, according to a filing in the US Bankruptcy Court, in Wilmington, by special liquidator Kieran Wallace.
He said Irish Bank Resolution Corporation was created in Jul 2011 under the Credit Institutions Stabilisation Act as a successor to Anglo Irish Bank.
Court papers show the bank has outstanding unsecured notes of $165m due in 2015 and $35m due in 2017.
Factors that were helping to precipitate liquidation were “a decline in property prices” and “illiquidity in global wholesale funding markets,” according to Mr Wallace.
— Bloomberg
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