Questions over legality of stay on proceedings against IBRC
The first signs of cracks in the deal on the Anglo promissory notes are beginning to show, it has been reported.
According to this morning's Sunday Business Post, the Government is to row back on a provision in the new IBRC legislation that was rushed through the Dáil.
Department officials are said to be working on changes to the legislation which saw a stay put on all legal proceedings against IBRC.
The newspaper reports that revisions may be issued following submissions to the courts on March 7.
Deputy Editor with the Sunday Business Post Ian Kehoe said the legality of such a move is being questioned by the courts.
"Anyone who had taken a case against the former Anglo Irish Bank, or IBRC as it is now - there was an awful lot of uncertainty as to whether their case would be allowed to go forward because there was a Dáil stay put on it," Mr Kehoe said.
"It has emerged as a massive issue in the courts as to whether you can put a stay on all legal proceedings.
"The Quinn family, for example, who have taken a €2.4bn case against Anglo, have been quite critical about the level of uncertainty in the courts, and the High Court has asked for clarity."
