IBRC’s special liquidators are looking for unquantifiable damages running into tens of millions of euro in a legal action against former Irish Nationwide Building Society (INBS) boss Michael Fingleton, the Commercial Court has heard.

The liquidators are overseeing the winding up of the bailed out and nationalised INBS. Michael Fingleton spent 37 years as a director of the society until his retirement in 2008. He stood down as chief executive a year later.

The special liquidators of IBRC claim he breached his obligations to the society while at the helm of INBS. They also allege he should not have received a €1 million performance bonus in 2008.

Maurice Collins, SC, for the liquidators, claimed in court that had the true picture of the society’s affairs been known Mr Fingleton would have been summarily dismissed in 2007.

Mr. Justice Peter Kelly heard legal proceedings against Mr. Fingleton were delayed because he left ‘astonishingly little behind him’ at INBS by way of documentation, and records had to be reconstructed.

Mr. Collins said the claim is significant not just by virtue of the sums of money involved but because it entails an investigation into the affairs of a financial institution over a number of years.

Proceedings have also been initiated against several former directors of INBS for allegedly delegating too much power to Michael Fingleton.

Mr. Justice Kelly has agreed to a request by IBRC’s special liquidators to fast track all cases to the Commercial division of the High Court.