Irish Bank Resolution Corporation Act 2013

8.

Limitation of power to grant injunctive relief.

8.— (1) Where injunctive relief is sought on an interim or interlocutory basis in proceedings—

( a) to compel a special liquidator to take or refrain from taking any action, or

( b) to compel any other person to take or refrain from taking any action where the relief if granted would adversely affect a special liquidator in the discharge of his or her functions,

the Court shall have regard, in determining whether to grant such relief, to the public interest.

(2) In considering the public interest, the Court shall have regard to the purposes of this Act.

(3) Unless the Court is satisfied that not granting injunctive relief would give rise to an injustice, the Court shall not grant such relief where a remedy in damages would be available to the person who seeks that relief.

(4) For the purposes of subsection (3) , the possibility that the action in respect of which injunctive relief is sought would or might result in a person being declared bankrupt or ordered to be wound up or otherwise adversely affected is not, of itself, sufficient to establish that not granting such relief would give rise to an injustice.

(5) In this section references to a special liquidator shall include references to a special liquidator when acting as a receiver, where he or she is appointed as a receiver by the Bank.