A statement of affairs drawn up by insolvency group Kavanagh Fennell in relation to the voluntary liquidation of architects Horan Keogan Ryan Ltd, better known as HKR, shows that IBRC is the company’s biggest unsecured creditor.

IBRC is owed €4 million out of €7 million due to creditors. The money is now owed to Nama after the loan was transferred from IBRC. The debt relates to HKR’s pre-crash plan to build an 11-storey head office in Dublin. Just €3,690 is available for distribution to HKR’s preferential creditors, who are owed €125,000.