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15/03/2013
IBRC Actions Can Proceed Following High Court Ruling
Existing actions against Irish Bank Resolution Corporation, including those of the family of bankrupt businessman Seán Quinn, can proceed, the High Court has ruled.
The case involved the new IBRC Act and whether the courts had jurisdiction to lift the "immediate stay", which had halted all proceedings against the bank.
Around a third of existing cases before the Commercial Court are against IBRC.
The stay has caused uncertainty whether any steps could be taken in relation to them with several judges raising the issue since the Act came into force last month.
In his decision today, Mr Justice Seán Ryan said it was "impossible to conceive" the Oireachtas had, via the stay in Section 6.2.a of the Act, terminated the Quinns' case "in an instant" and deprived them of the right to apply to court.
Any such interpretation would involve "extensive and substantial interference with Constitutional rights in modes that are discriminatory and unjustified and unnecessary in the circumstances".
(H)
The case involved the new IBRC Act and whether the courts had jurisdiction to lift the "immediate stay", which had halted all proceedings against the bank.
Around a third of existing cases before the Commercial Court are against IBRC.
The stay has caused uncertainty whether any steps could be taken in relation to them with several judges raising the issue since the Act came into force last month.
In his decision today, Mr Justice Seán Ryan said it was "impossible to conceive" the Oireachtas had, via the stay in Section 6.2.a of the Act, terminated the Quinns' case "in an instant" and deprived them of the right to apply to court.
Any such interpretation would involve "extensive and substantial interference with Constitutional rights in modes that are discriminatory and unjustified and unnecessary in the circumstances".
(H)
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