Global Insolvency | Daily News Headlines on Insolvency Developments across the Globe

Examinership: The Irish Rescue Process 30 years later by Irene Lynch Fannon

In 1990, Ireland introduced a rescue process which reflects all of the main components of the Preventive Restructuring Directive (1023/2019) (“Directive”).

Landmark scheme of arrangement in Ireland by Ruairi Rynn

William Fry recently advised Ballantyne Re plc (“Ballantyne”), an Irish reinsurance SPV, on an Irish law scheme of arrangement to restructure its reinsurance obligations and outstanding New York law governed indebtedness, such that the residual value in the company could be distributed to its senior noteholders (the “Scheme”).

The Bends in Ireland: The abuse of 'lis pendens' by Mark Woodcock

It is the case in most European jurisdictions that there are various forms of protection available for parties with an interest in property which places any prospective purchaser on notice, or in some circumstances prevents a sale, where there are competing interests in relation to it.

Ireland: Court of Appeal clarification of issue of discretion in examinership applications

The Court of Appeal has allowed an appeal by the Edward Holdings group of companies against a decision of O’Connor J in the High Court refusing to appoint an examiner to four of the seven group companies in respect of which an examiner was sought to be appointed.1 The group, which is controlled by Gerry Barrett, owns, amongst other assets, the Meyrick and G hotels in Galway.

Norton Rose Fulbright | Essential Pensions News | February 2017

The Appellant, Denise Brewster, had been cohabiting with Lenny McMullan for 10 years, and engaged to him for 2 days, when he died suddenly on Boxing Day 2009. Mr McMullan was a member of the Local Government Pension Scheme in Northern Ireland. Click here

Article from INSOL Europe (11 - 17 April 2016) GlobalINSOLvency Editorial Board

This decision provides strong support to examiners using their commercial judgment and helps to clarify their role in restructuring companies in Ireland via examinership, Ireland’s main corporate rescue mechanism. Warren Baxter of Deloitte comments on the implications for Irish companies looking to restructure following the High Court’s ruling in the examinership of Ladbrokes’ Irish business.

Article from INSOL Europe (Week 11 - 17 January 2016) GlobalINSOLvency Editorial Board

At long last, the much awaited Companies Act 2014, the largest reform of company law in Ireland in over 50 years, has come into force. The Companies Act 2014 (“the Act”) was signed into law by the President of Ireland on 23 December 2014 and entered into force on 1 June 2015. The aim of the Act is to incorporate the provisions of the existing Companies Acts and the law set out in regulations into one single companies code. The Act contains 25 parts (1448 sections) and provides for a transition period of 18 months from commencement.

Ireland: Irish Supreme Court Strengthens Lenders’ Security

Irish lenders received a major boost from the country’s highest court in its recent decision on the Belgard Motors case. The three Supreme Court judges unanimously decided that Bank of Ireland had successfully managed to crystallise its floating charge against Belgard Motors, into a fixed charge. This has allowed the bank, as the charge holder, to gain priority over the company’s preferential creditors in relation to receiving the proceeds of the affected assets.

Scale of Irish Mortgage Default is Unprecedented

The revelation that five years into the downturn three-quarters of the people behind on their mortgage payments actually have jobs comes as a surprise. It shouldn’t, but it does, the Irish Times reported in a commentary. It is also quite scary as most of us soldier on under the assumption that if we can hang on to our jobs we will keep a roof over our heads. It is a further reminder of a fact we have perhaps lost sight of: the scale of the Irish mortgage default is unprecedented.

New personal insolvency & bankruptcy laws in Ireland

On 26 December 2012 the Personal Insolvency Act 2012 (the “Act”) was signed into law by the President of Ireland.