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The liquidators of Irish Bank Resolution Corporation (IBRC) said on Friday that they held €1.919 billion of net cash as of February 6th, the fourth anniversary of the Government’s decision to liquidate the company.However, they said the exact dividend for “unsecured creditors will not be known for a number of years, primarily as a result of the large level of litigation outstanding”.However, at the back of the queue are a group of junior bondholders, owed €285 million, who refused to share in Anglo Irish’s and Irish Nationwide’s losses at the height of the crisis.All told, the liquidators received 3,000 claims from creditors last year, of which 2,100 have been reviewed and adjudicated, with the remaining either being considered or queried. It has a remaining loan book of €3.7 billion, according to the latest liquidation progress report.It is a way for a business that has run out of funds to cover any remaining debts.The main reason a business would choose to liquidate their assets is due to insolvency.
Other law firms, including Linklaters, Arthur Cox and Maples and Calder, as well as real-estate advisers at Pricewaterhouse Coopers, Deloitte and Savills, have been among the main companies to generate fees from the liquidation, according to the report.
When you hear that a company is closing down or has gone out of business, the news can be worrying for everyone involved, including suppliers, creditors, staff and customers.
Depending on the situation, the company may have gone out of business completely, or it may be in liquidation, examinership, or receivership.
There are four main ways in which you could lose your money in the event of a company going out of business: If the business goes into examinership, liquidation, or receivership, you will be treated as an ’unsecured creditor’. If you have paid for items that the business has not delivered yet, for example a sofa, and it goes out of business, then you are a creditor as they owe you money.
However, as an unsecured creditor you rank behind other types of creditors, such as Revenue, employees who are owed wages and banks that are owed money.