Judge to rule on IBRC
Act this week

A High Court judge will rule this Friday, March 15 whether the courts have power to lift a stay in the new Irish Bank Resolution Act which has halted all existing legal actions against the bank.

A High Court judge will rule this Friday, March 15 whether the courts have power to lift a stay in the new Irish Bank Resolution Act which has halted all existing legal actions against the bank.

About one third of existing cases before the Commercial Court are against IBRC and the stay has caused uncertainty whether any steps at all may be taken in relation to them with several judges raising the issue since the Act came into force last month. Lawyers for the family of Sean Quinn applied to the court last month to lift the stay on their proceedings against the bank alleging they are not liable for some €2.34bn loans made to Quinn companies on grounds those loans were unlawfully made by Anglo to prop up its plummeting share price. Their lawyers made clear, if the stay was not lifted, they would challenge the constitutionality of the relevant provision in the Act.

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