Seasoned professionals with a wealth of experience in dealing with downturn
Profile: the special liquidatorsKieran Wallace (pictured above) and fellow KPMG partner Eamonn Richardson, who have been appointed special liquidators of IBRC , are members of a group of insolvency practitioners who have featured in many high-profile cases since the recession began to bite five year ago .
Mr Wallace, who heads KPMG’s forensic and restructuring unit, has acted as examiner, receiver and liquidator to everything from debt-laden apartment blocks, collapsed stockbroking firms and building companies.
Mr Wallace and Mr Richardson have worked together on a number of cases.
In 2011, the banks appointed them joint receivers of supermarket chain Superquinn, whose property debts pushed it into insolvency. Rival Musgraves took over the business.
More recently, Mr Richardson was appointed joint liquidator of Home Payments, the household finance company that went to the wall last year.
Mr Wallace was appointed share receiver to the Quinn group of companies by Anglo Irish Bank, which became the Irish Bank Resolution Corporation, which he is now liquidating.
Last year, he was appointed liquidator to Dublin firm, Bloxham Stockbrokers, which collapsed in May after it emerged its accounts overstated its assets by €15 million.
Three years ago, he scored a notable success that a few other insolvency specialists have used to their advantage since.
In 2010, Mr Wallace brought the Linen Supply of Ireland examinership to a successful conclusion.
The case set a precedent in that it allowed businesses a way out of cash-draining leases agreed at the height of the property boom.
The company, which operates an industrial-scale laundry services for organisations such as hospitals and hotels, was trading profitably within 12 months of the examinership period ending , around this time three years ago.
A number of other businesses, including Xtravision, subsequently used the ruling to escape unsustainable rents and return to trading profitably.