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Its office received 699 reports from liquidators last year.
Anyone who paid by cash or cheque would have to wait until receivers or liquidators had been appointed to deal with the firm.
But the bank has since refused to negotiate over the £70 million plus costs it is claiming from the liquidators.
No-one was in any doubt that the best option for creditors was the appointment of an examiner, rather than a liquidator.
Instead, they face weeks of wrangling with the firm's liquidators.
The liquidators will not ask for delisting until there is no hope of a buy-out.
Accountancy sources said the office originally rejected the advice of the liquidator on a large number of cases.
Previously, liquidators did not have to provide their reports to directors.
He said the company would work with the liquidator on ways to discharge its debts to creditors.
The liquidators themselves have first call on the company's assets to pay their fees.
Under UK insolvency law they're last in line to be paid when businesses are wound up behind former staff, secured creditors, liquidators and the tax man.
They appointed a liquidator to an undoubtedly insolvent company that has no assets.
It also said that office of the official liquidator should be closed and the trustee should exercise all powers and functions.
The liquidator looked for clarification but got none, his counsel added.
Its assets were auctioned internationally by the liquidators.
A liquidator would also be obliged to notify creditors before selling assets to a former director.
The banks and Revenue Commissioners did not object to the liquidator's appointment.
The knock-on effect is that liquidators will not take on jobs where there is no money in the failed company to cover their fees.
We are providing all the assistance we can to both the police and the liquidators.
As noted above, an unregistered company charge is void as against both subsequent creditors and the liquidator and administrator.