Liquidator’s IBRC report in progress and to be sent ‘imminently’

The special liquidator’s report into IBRC will be sent to the Office of the Director of Corporate Enforcement (ODCE) "imminently", according to sources.

A spokesman for KPMG, the special liquidators of IBRC, said the report “is in progress” but declined to comment on when exactly it would be delivered to the ODCE.

The contents of the report are confidential and will not be released to the general public.

Under Section 56 of the Company Law Enforcement Act, all liquidators have to make a report for the ODCE.

These reports indicate, among other matters, whether the liquidator is seeking relief from the obligation that ordinarily exists to take restriction proceedings against the directors of a company.

Unless relieved by the ODCE, the liquidator is required to initiate such proceedings.

In the majority of cases the relief is granted, but in roughly 10% to 15% of company liquidations, relief is not granted.

In these circumstances,restriction proceedings then commence within five months from when the report was submitted.

It is only if the special liquidator initiates proceedings through the High Court that it will be known if a case is being taken against any former directors of IBRC.

IBRC was responsible for winding down the assets of Anglo Irish Bank and Irish Nationwide Building Society.

It was forced into liquidation in February 2013 as part of the restructuring of the €23bn in promissory notes.

Alan Dukes was appointed chairman of the bank by the government. Australian Mike Aynsley was the chief executive at the time of the liquidation.

Finance Minister Michael Noonan said that all IBRC assets would be offered to private investors and any assets that were not sold would then be transferred to Nama.

Nama issued a €12.9bn floating charge note to the Central Bank as consideration for the roughly €22bn nominal value of IBRC assets.

An update from the special liquidators on June 6 revealed that €10.9bn has been repaid and it is expected that the remaining €2bn will be repaid over the course of this year.

It is also expected that no IBRC assets will be transferred to Nama.