The banks and Revenue Commissioners did not object to the liquidator 's appointment.
A liquidator would also be obliged to notify creditors before selling assets to a former director.
The liquidator looked for clarification but got none, his counsel added.
No-one was in any doubt that the best option for creditors was the appointment of an examiner, rather than a liquidator .
They appointed a liquidator to an undoubtedly insolvent company that has no assets.
As noted above, an unregistered company charge is void as against both subsequent creditors and the liquidator and administrator.
It also said that office of the official liquidator should be closed and the trustee should exercise all powers and functions.
Accountancy sources said the office originally rejected the advice of the liquidator on a large number of cases.
He said the company would work with the liquidator on ways to discharge its debts to creditors.
But the bank has since refused to negotiate over the £70 million plus costs it is claiming from the liquidators .