Sec. 4. Irish Bank Resolution Corporation Act 2013

4.

Special Liquidation Order.

Special Liquidation Order.

4.— (1) The Minister shall, as soon as is reasonably practicable after the passing of this Act, make an order, in this Act referred to as the “Special Liquidation Order”, in respect of IBRC for the purposes of the winding up of IBRC.

(2) The winding up of IBRC shall be deemed to have commenced at the time the Special Liquidation Order is made.

(3) After the making of the Special Liquidation Order, no person may bring a petition to wind up a subsidiary, or subsidiary undertaking, of IBRC, or a petition to have an examiner appointed to such a subsidiary or subsidiary undertaking, and the directors of such subsidiaries or subsidiary undertakings may not place such subsidiaries or subsidiary undertakings into a creditors’ voluntary winding up without the consent of a special liquidator, which consent may be given on such terms and conditions as the special liquidator thinks fit.

(4) The Minister may by order amend the Special Liquidation Order.

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