Irish Bank Resolution recognition order affirmed by district court

By Caroline Salls

Pittsburgh, Aug. 5 – Irish Bank Resolution Corp. Ltd.’s foreign case recognition order was affirmed Wednesday following an appeal from creditors, according to an order filed with the U.S. District Court for the District of Delaware.

As previously reported, Irish Bank’s Irish proceedings were granted recognition by the U.S. Bankruptcy Court for the District of Delaware on Dec. 18, 2013. The creditors, led by John Flynn Sr., appealed the recognition order on Jan. 29, 2014.

The district court said in Wednesday’s order that the bankruptcy court correctly ruled that the creditors “failed to identify any conflict” between the Irish proceeding and U.S. laws.

In addition, the district court agreed with the company’s argument that the creditors “can point to no evidence to show that the Irish proceedings are not affording substantive and procedural due process protections.”

As a result, the district court said the bankruptcy court did not err in granting recognition.

Irish Bank Resolution, a Dublin-based successor to Anglo Irish Bank, filed for bankruptcy on Sept. 17, 2013. The Chapter 15 case number is 13-12159.

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