IBRC’s US ‘identity crisis’

 

A ruling was due last night in the US bankruptcy application of Irish Bank Resolution Corporation (IBRC), which was objected to by developers John Flynn and John McCann.

A couple of days ago, however, lawyers for Switzerland-based McCann’s Castleway Properties lobbed in a rather curious filing to the Delaware court, alleging that IBRC has something of an identity crisis in the US.

The filing was couched in eye-watering legalese, but here goes.

Legal documents
Castleway asked the court to cast a “sceptical eye” over the filings of IBRC liquidator Kieran Wallace because, it says, there are discrepancies in legal documents he has filed in two different cases.

In the bankruptcy proceedings, Castleway says Wallace described IBRC as an entirely “new entity” set up on July 1st, 2011.

So what, you might ask.

But in separate enforcement proceedings IBRC has taken against Castleway on foot of an old Anglo Irish Bank loan, it says Wallace told the court IBRC and Anglo are “one and the same entity.... [it was] simply a name change”, this time in October 2011.

Because of this supposed discrepancy, Castleway argued, Wallace’s affidavits in relation to both cases should not be “accepted at face value”.

Lawyers, you’ve got to love them.

Okay, maybe not....

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