IBRC Act to be examined by court as Sean Quinn case stalls

The new IBRC Act, which was rushed through the Oireachtas last week, is to come under the microscope at the Commercial Court next month.

It puts a statutory stay on an action by Sean Quinn's family challenging the legality of €2.3bn of loans issued to their business empire by the former Anglo Irish Bank.

The Quinns want the stay overturned but Mr Justice Peter Kelly is not sure if that is within the court's power.

Lawyers for the special liquidators appointed to IBRC last week are happy for the matter to be debated at a hearing on March 7.

The judge said it would not be straightforward, would have to be thrashed out fully and will have implications for other cases.

He also expressed dissatisfaction that as yet a copy of the new IBRC Act could not be obtained, even though it is now law.

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