Wednesday 18 October 2017

Relief among legal fraternity as Anglo actions get green light

It is not an exaggeration to say that the provision in the Irish Bank Resolution Act, 2013 that "there shall be an immediate stay on all proceedings against IBRC" (formerly Anglo Irish Bank) was at first greeted with a sense of consternation by legal scholars and other commentators.

What it appeared to provide was that all existing proceedings against the bank could not proceed: they would be permanently stayed. But the bank's liquidator would be free to bring any actions as he thought right.

However, Mr Justice Ryan's judgment in the High Court last week in a ruling sought by members of Sean Quinn's family brought a sense of relief that the provision could not have such a far-reaching effect.

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