Special liquidator a first in State’s history

This is the first time in the history of the State that a special liquidator has been appointed to manage the wind down of a company.

However, these are extraordinary times and IBRC is no ordinary institution. The bank was already in winddown mode. It was scheduled to run down its loan book between now and 2020.

But to accommodate the restructuring of the €31bn in promissory notes, it had to be liquidated immediately.