DUBLIN Dec 18 The liquidation vehicle for
Ireland's failed Anglo Irish Bank has been granted bankruptcy
protection in the United States, it said on Wednesday.
The bank, whose failure cost Irish taxpayers some 30 billion
euros ($41 billion) in the financial crisis, was put into an
accelerated liquidation process during an emergency session of
Ireland's parliament in February.
Now known as Irish Bank Resolution Corp, or IRBC, the
liquidating bank applied in August for U.S. court protection to
prevent creditors from going after more than $1 billion in U.S.
Liquidator Kieran Wallace of KPMG confirmed that IBRC was
granted protection under Chapter 15 of the U.S. bankruptcy code
in the district of Delaware.
"We got recognition," he said, declining further comment.
The court did not immediately release a written opinion.
The recognition was opposed by property developer John
Flynn, an Irish resident of Florida.
The decision will freeze Flynn's lawsuit in Manhattan, where
he is suing to recover $11 million he claims he was overcharged
by Anglo Irish.