High Court overturns dissolution of Siteserv for IBRC inquiry

The High Court in Dublin has overturned an order dissolving Siteserv to aid the ongoing investigation into the wind-up of the Irish Bank Resolution Corporation (IBRC).

Kieran Wallace, liquidator of Siteserv, submitted an application for an order voiding the dissolution following a request from Mr Justice Brian Cregan, chair of the commission looking into the IBRC wind-up.

Rossa Fanning BL, acting for Mr Wallace, admitted that the application has made in “somewhat unusual circumstances”.

Mr Justice Cregan said the commission of investigation wanted to be able to write to Siteserv to retrieve information and issue directions.

The troubled IBRC investigation is examining 37 transactions involving write-offs worth more than €10 million, including the sale of Siteserv with a write-off of €119m.

Siteserv was subsequently placed in liquidation in July 2012 and dissolved in August.

Mr Justice Michael White was satisfied to grant an order under section 708 of the Companies Act 2014, declaring that the order dissolving Siteserv is void.