A company that obtained a €2.8 million judgment against Joseph Sheehan and John Flynn, two of the main shareholders in Dublin’s Blackrock Clinic, has secured interim charging orders over Mr Sheehan’s shares in a firm that owns a half share of the private Galway Clinic. Mr Justice Brian McGovern granted the interim orders on the ex parte application (one side only represented) by Bernard Dunleavy SC, for Talos Capital Ltd, at the Commercial Court. The matter will return before the court next week when Mr Sheehan will have an opportunity to challenge the orders.
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For years, Greece has been trying to attack corruption and tax evasion, from the smallest taverna owner to the nation’s most powerful oligarchs. Now, Prime Minister Alexis Tsipras is vowing to take far more action than previous administrations in cracking down, the International New York Times reported. He says his government, led by his leftist party, Syriza, will succeed because having never held power, it is not beholden to the entrenched interests that have long fought to maintain the status quo. But even Mr. Nikoloudis acknowledges that fixing Greece’s finances will not be easy.
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Two brothers have lost their bid to restrain receivers selling their assets after Allied Irish Banks obtained a €17.6 million judgment against them, the Irish Times reported. Mr Justice Brian McGovern rejected arguments by Paul and Gerard Dormer the €17.6 million judgment granted against them in March 2014 should be vacated due to AIB’s alleged failure to properly complete a January 2014 settlement agreement under which they had agreed to judgment provided specific conditions were met by AIB.
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It may go down as one of the least effective bail-outs the world has ever seen. Not Greece’s, but Ukraine’s, The Economist reported. Just two weeks ago Christine Lagarde, the head of the International Monetary Fund (IMF), promised Ukraine $40 billion over four years—an impressive-sounding sum for a country whose GDP may soon shrink to $70 billion. Since then, however, Ukraine’s economic crisis has got much worse. The currency has hit new lows: a dollar now buys around 30 hryvnia (see chart).
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Businessman Sean Quinn’s family have appealed to a High Court judge not to grant the DPP a second deferral of the hearing of their action. They allege they are not liable for about €2.34 billion loans advanced by the former Anglo Irish Bank to Quinn companies, the Irish Times reported. The DPP says there is a “clear threat” to the fairness of criminal proceedings against former Anglo chairman Sean Fitzpatrick, due to open before a jury on April 13th, from the Quinns’ civil action, due to open at the Commercial Court on April 14th.
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A Spanish court has rejected a government proposal to rescue two of nine bankrupt motorways, increasing the likelihood the toll roads will go into liquidation and the state will have to assume their debt of more than 4 billion euros ($4.5 billion), Reuters reported. A Madrid commercial court said on Feb. 24 the terms of the rescue package were not legal and the Ocana-La Roda and R4 roads would now enter liquidation, court documents showed. The government will appeal the decision, a government spokeswoman said. Ferrovial, a major shareholder in both roads, declined to comment.
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Of all the challenges Greece has faced in recent years, prodding its citizens to pay their taxes has been one of the most difficult, The Wall Street Journal reported. At the end of 2014, Greeks owed their government about €76 billion ($86 billion) in unpaid taxes accrued over decades, though mostly since 2009. The government says most of that has been lost to insolvency and only €9 billion can be recovered.
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Professor of Accounting at UCD, Eamonn Walsh told Deputy Pearse Doherty that using today’s standards Anglo would still appear as if it were on course for a profit of almost half a million euro, the Independent reported. “There has been no change in standards so one could reach much the same conclusion today as one would have reached in 2008”, he added. The inquiry has also heard how inaction by both the Central Bank and the Banking Regulator had resulted in “costly failure” and how political bias may have unduly influenced the decision to bring in the Bank Guarantee.
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Ukraine’s economic woes deepened Wednesday as its central bank drastically limited access to foreign currency in an effort to halt the hryvnia’s free fall, and Russia threatened to halt natural-gas deliveries, The Wall Street Journal reported. The hryvnia’s decline has accelerated in recent days, in part because of delays in parliament on legislative measures needed to unlock financing from the International Monetary Fund, as well as continued fighting in eastern Ukraine with Russia-backed separatists.
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Rising property prices have not yet lifted a significant proportion of Irish homeowners out of negative equity, according to a new report from the Central Bank, the Irish Times reported. In its latest Household Credit Market Report, the Central Bank presents data which shows that over 50 per cent of mortgages taken out in 2007 were still innegative equity at June 2014. Those who bought in 2005 and 2006 are also likely to still be underwater, with Central Bank showing that approximately 40 and 45 per cent of these home buyers, respectively, are also in negative equity.
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