Legal proceedings by former IBRC executives adjourned
LEGAL proceedings by three former executives of the Irish Bank Resolution Corporation (IBRC) against their former employer were adjourned at the High Court yesterday.
Former chief executive Mike Aynsley and two other former senior executives, Tom Hunersen and Richard Woodhouse, have brought an action seeking payment of notice entitlements under their contracts.
Judge Paul Gilligan was told the case could be adjourned for one week with the consent of all sides.
The three men have sued the special liquidators to IBRC (formerly Anglo Irish Bank), KPMG's Kieran Wallace and Eamonn Richardson, under the Payment of Wages Act.
At the heart of the case is the notice period the men had on their contracts.
It was claimed that Mr Aynsley had a 12-month notice period and the other men had six-month notice periods.
Mr Aynsley was paid €663,000 by the bank, made up of a €500,000 salary, allowances of €38,000 and a pension sum of €125,000.
Mr Hunersen and Mr Woodhouse were each paid a salary of about €400,000 a year.
While the IBRC liquidation legislation said all employment contracts were immediately terminated, it is silent on notice periods and payment of notice entitlements.
The Government liquidated IBRC in February as part of a deal to restructure the promissory notes used to bail out IBRC.