Directors’ duties: new statutory duties to have regard to the interests of creditors

The European Union (Preventive Restructuring) Regulations 2022 have amended the Companies Act 2014 so as to require for the first time in statute that directors of companies unable, or likely to be unable, to pay their debts, must have regard to the interests of creditors.

Filed under:
European Union, Ireland, United Kingdom, Company & Commercial, Insolvency & Restructuring, Arthur Cox LLP, Insolvency
Authors:
Dr Thomas B Courtney , Suzanne Kearney , Daibhi-OLeary
Location:
European Union, Ireland, United Kingdom
Firm:
Arthur Cox LLP
Liquidation of Irish Bank Resolution Corporation and exchange of promissory notes

Irish Bank Resolution Corporation Act and Appointment of Special Liquidators

In the early hours of 7 February 2013, the Irish Bank Resolution Corporation Act 2013 (the “IBRC Act”) was passed. The IBRC Act provides for the Minister for Finance to make a “Special Liquidation Order”  (“SLO”) winding up IBRC. As a result of the SLO:

Filed under:
Ireland, Banking, Insolvency & Restructuring, Arthur Cox LLP, Liability (financial accounting), Liquidation, Central Bank of Ireland, Minister for Finance (Ireland)
Authors:
Cormac Kissane , Maura McLaughlin , Dr Thomas B Courtney , Robert Cain
Location:
Ireland
Firm:
Arthur Cox LLP