The Minister for Finance, Mr Michael Noonan T.D. today published the third progress update report on the special liquidation of IBRC which he received from the Special Liquidators, Mr Kieran Wallace and Mr Eamonn Richardson.
The report states that It is anticipated that a dividend will be available for unsecured (but not subordinated) creditors but it is difficult to ascertain the quantum at this stage as the outcome of certain claims have yet to be determined.
The Special Liquidators would hope that based on current information, that they would be in a position to pay an interim dividend of 25% to all admitted unsecured creditors by 31 December 2016.
It is also expected that the eventual unsecured creditor dividend will be in the range of 75%-100%.
The report can be accessed here.