A recent Supreme Court decision reviewed the law on directors' duties.(1) The case concerned restriction orders against directors of an insolvent company in liquidation, which apply unless it is shown that the person acted honestly and responsibly in relation to the conduct of the company's affairs and that there is no other reason why it would be just and equitable that he or she be restricted.

Despite being updated in 1988, the Bankruptcy Process in Ireland remains an archaic relying heavily on the thought process of the Bankruptcy Acts dating from colonial times, InsolvencyJournal.ie reported in a commentary. With no automatic discharge and high barriers to overcome before discharge can be sought, the punitive nature of our bankruptcy laws meant that a man convicted of murder could complete his sentence and be released into society before a man made bankrupt on the same day could be allowed to obtain credit or leave the state without permission.

The legislation to put in place a special resolution regime for banks and give the governor of the Central Bank the power to intervene in their affairs is to be published today, the Irish Times reported.

The people of Ireland go to the polls Friday to deliver what's expected to be a knock-out blow to the governing party. But many are choosing to vote in a traditional Irish fashion: with their feet. Tens of thousands are joining in a new wave of emigration, turning their backs on a country mired in economic malaise, The Wall Street Journal reported. Martin Lynch's family is one of many that are being scattered to the four winds. In the past year, one son has moved to Germany, another to England. His daughter is planning her departure for London, and Mr.

The scheme of arrangement for airline Aer Arann, and the process of getting it approved are the new standard, the airline’s examiner, Michael McAteer tells Padraic Ryan, InsolvencyJournal.ie reported. To hear Michael McAteer describe the scheme of arrangement for Galway-based airline Aer Arann, which exited examinership on Wednesday, it sounds, at first, quite straightforward. “The super-preferential creditors are now getting 100p in the pound, albeit over a phased period, the preferential creditors are 12.5p in the pound, and the unsecured creditors are getting 10p in the pound,” he says.

The Law Reform Commission (LRC) published a 443 page Paper on personal debt management and debt enforcement in Ireland in September 2009 and an Interim Report in May 2010. In the 2009 Paper, the LRC reviewed, in a comprehensive way, the law of personal insolvency in Ireland, exposing how the current law evolved to deal with bankruptcy and insolvency of traders, but concluded that it is both inappropriate to and unsuitable for dealing with the more recent emergence of large scale non trader / consumer insolvency.