Two banks have appointed receivers to insolvent building company, Pierse Contracting, to protect their secured debts, the Irish Times reported. Simon Coyle of Mazars is investigating Pierse group’s trading activities on the instruction of the High Court, which appointed him as liquidator to Pierse Contracting and a related firm, Pierse Building Services, earlier this month. Pierse Contracting has a deficit of €212 million and owes its unsecured creditors, largely made up of subcontractors and suppliers, more than €50 million.

Fighting to prevent an accelerating debt crisis from engulfing Portugal and Spain, Europe’s finance ministers approved an 85 billion euro bailout package for Ireland, while also agreeing for the first time to hold private investors accountable for losses in future crises, beginning in 2013, the International Herald Tribune reported.

Irish Nationwide has succeeded in its legal bid to dismiss a lawsuit by two subordinated bondholders in the High Court in London as a judge said he could not stop the Government’s plan to share the €5.4 billion cost of the building society, The Irish Times reported. The bondholders, Satinland Finance and Trimast Holding, had sought to force a unit of French bank BNP Paribas, the trustee of the bonds, to file a winding up petition against Irish Nationwide to force their repayment in full. The investment funds did not have a valid legal claim, Judge George Mann said in his ruling.

As fears about Ireland’s political stability rattled Europe on Tuesday, the party of Prime Minister Brian Cowen brushed aside calls for his immediate ouster on Tuesday and urged the government to approve wrenching budget- and deficit-reduction plans in order to secure a $100 billion bailout from the European Union and the International Monetary Fund, the International Herald Tribune reported.

The David Drumm bankruptcy case has been told that the former banker’s wife, Lorraine, now has her own legal representative, The Irish Times reported. In a filing yesterday, attorney Christopher Panos of Boston said he was now representing Ms Drumm. He has requested that copies of all orders, pleadings, etc in the case now be forwarded to him. This means both Mr Drumm and his wife will be receiving copies of the filings in the case.

Two businessmen are being pursued by Bank of Scotland Ireland for judgment orders of some €1.2 million arising from personal guarantees allegedly provided by them over loans to a company, The Irish Times reported. BoSI has brought proceedings against Frank Ennis, Rock Road, Blackrock, Co Dublin, and Milltown Hall, St Anne’s, Dublin, and against Brian Palmer, Brennanstown Road, Cabinteely, over their alleged June 2008 guarantees of the debts of a company, the Doughmaster Ltd, up to a maximum €2 million.

Ireland's financial crisis morphed into political turmoil Monday, as the country's coalition government began to unravel in the wake of an unpopular international bailout and Prime Minister Brian Cowen pledged to call an election next year if a crucial budget package is approved, The Wall Street Journal reported. Mr. Cowen's concession on early elections was triggered by moves earlier Monday that undercut the stability of the shaky coalition led by his Fianna Fail party.

Ireland finally sought tens of billions in bailout money from the European Union and the International Monetary Fund after weeks of bickering that has exposed the limits of Europe's attempt to restore financial markets' confidence in the stability of its single currency, The Wall Street Journal reported. The deal between Ireland and the EU took shape Sunday as EU finance ministers backed Ireland's request for a three-year package of loans totaling roughly €80 billion ($110 billion), according to people familiar with the matter.

Mr Justice Clarke of the High Court has appointed an interim examiner to the Four Star Pizza takeaway chain after it was heard that the company is insolvent and unable to pay its debts, InsolvencyJournal.ie reported. The Company has a debt to National Irish Bank of €4.9 million and its other creditors include an ingredients supply firm, a printing firm and the Revenue Commissioners. The appointment comes as Courts grow increasingly reluctant to grant Examinerships to struggling firms.

Top Irish government officials acknowledged for the first time Thursday that the country is grudgingly edging toward a massive international bailout, The Wall Street Journal reported. Patrick Honohan, the head of Ireland's central bank, said he expects the country will receive "tens of billions" in international loans. "It will be a large loan because the purpose…is to show Ireland has sufficient firepower to deal with any concerns of the market," he said in a radio interview. Finance Minister Brian Lenihan added: "It's clear we will need some form of external assistance. ...