Irish Bank Resolution seeks case recognition via Chapter 15 filing

By Caroline Salls

Pittsburgh, Aug. 27 - Irish Bank Resolution Corp. Ltd. made a Chapter 15 bankruptcy filing Monday in the U.S. Bankruptcy Court for the District of Delaware to gain U.S. recognition of its liquidation proceedings in Ireland.

Special liquidators Kieran Wallace and Eamonn Richardson said in a court filing that the Irish Minister for Finance issued a special liquidation order on Feb. 7, 2013.

Under that order, Wallace and Richardson were appointed as liquidators and authorized to liquidate and wind up the company.

The liquidators said recognition through the Chapter 15 filing will bind U.S. creditors to the Irish proceedings and protect Irish Bank Resolution's assets from any enforcement actions by individual creditors.

According to the filing, the liquidators are in the process of developing a framework for the marketing and sale of the company's assets.

According to court documents, Irish Bank Resolution has more than $1 billion in both assets and debt.

The company is represented in the Chapter 15 case by Richards, Layton & Finger, PA.

Irish Bank Resolution is a Dublin-based successor to Anglo Irish Bank. The Chapter 15 case number is 13-12159.

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