Top Irish firm faces multi-million euro fee loss following bank collapse
22 February 2013
McCann Fitzgerald, one of Dublin's leading law firms, is facing a major loss of fees after the Irish Government liquidated one of the country's failed banks. The amount in question has been rumoured to be up to €8m, although the firm has denied that figure.
The Anglo Irish Bank Corporation was nationalised back in 2009 and became the Irish Bank Resolution Corporation (“IBRC”). Two weeks ago the Irish Government approved the winding up of IBRC and a special liquidator was appointed. Its assets and liabilities are to be hived off to the country's bad bank.
McCann Fitzgerald is IBRC's lawyer, and is due some chunky fees: rumours in the press have suggested €8m. To put that in context, the firm's entire annual turnover is around €100m. But it now has the same status as any other unsecured creditor, and can only look on with empty pockets as it sees its unpaid bills float down the Liffey.
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A spokeswoman for the firm said that the figure of €8m was "incorrect and significantly overstated
", but refused to comment on the correct amount.