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IBRC liquidators probe legal advice

Monday, April 07 14:15:23

The liquidators of IBRC have appointed a legal team to carry out a review of the legal advice it received regarding a lawsuit involving former Irish Nationwide directors including Michael "Fingers" Fingleton.

Kieran Wallace and Eamonn Richardson of KPMG Dublin announced the appointment of Eugene F. Collins Solicitors to carry out the review of the legal advice provided to IBRC, Irish Nationwide Building Society and the Special Liquidators of IBRC by McCann FitzGerald Solicitors.

This advice concerned certain legal proceedings against former Directors of INBS, a statement said.

Eugene F Collins will review whether the legal advice received to date in relation to these proceedings has been adequate and appropriate as to the joinder or otherwise of KPMG as a party to the proceedings.

Eugene F Collins have confirmed that they have no conflict in relation to the matters being reviewed.

Two sets of proceedings have been initiated involving Irish Bank Resolution Corporation Limited (in special liquidation) and former Directors of Irish Nationwide Building Society, namely - Irish Bank Resolution Corporation Limited (In Special Liquidation) and Irish Nationwide Building Society -v- Michael Fingleton [Record No. 2012/3280P] and Irish Bank Resolution Corporation Limited (In Special Liquidation) and Irish Nationwide Building Society -v- John S. Purcell, David M. J. Brophy, Terence J. Cooney.

Commenting, a spokesperson for the Joint Special Liquidators said: "The decision to initiate proceedings against certain former Directors of INBS was taken by the former Board of the Society on foot of advice provided to them by their legal advisers, McCann FitzGerald. This advice, received prior to liquidation, was that KMPG should not be joined to the proceedings. However, questions have been raised about the joinder or otherwise of KPMG to these proceedings."

On 26th February last, Joint Special Liquidator Kieran Wallace informed members of the Joint Oireachtas Committee on Finance, Public Expenditure and Reform that the Special Liquidators were examining a different arena for managing these proceedings, including the advice and decision around whether KPMG should be included as defendant.

Today, the Special Liquidators announced the appointment of Eugene F. Collins Solicitors to conduct a review of the legal advice furnished by McCann FitzGerald. This engagement will be led by experienced EFC litigation partner, Terry Leggett.

Eugene F. Collins will be entirely independent in their review and advice, and will not be subject to the direction of the Special Liquidators. The Special Liquidators are arranging for all relevant documents and records to be made available to them for the purposes of their review.

It is the intention of the Special Liquidators to advise external parties on the findings and advice of Eugene F. Collins once it becomes available, and to take account of this advice in further decisions on the management of these proceedings, the statement said.