The Companies (Miscellaneous Provisions) (Covid-19) Act 2020 (the Act) was enacted on 31 July 2020. The Act provides for some amendments to the insolvency regime, in addition to amendments to the Companies Act 2014 (the 2014 Act) to specifically provide for virtual general meetings and permitting the execution of documents under seal using counterparts.

Key Points

The High Court recently considered an injunction application by parties to restrain the appointment of a receiver over property, in circumstances where they maintained that the defendant was in breach of an amended settlement agreement.

Background

In this article Niall O'Brien sets out a useful checklist for banks who are considering appointing a receiver.

In a judgment delivered on 14 October 2020, Mr. Justice McDonald declined to confirm the appointment of an examiner to New Look Retailers (Ireland) Ltd (New Look).

Facts

The Data Protection Commission has issued guidance on data protection considerations relating to receiverships.

As the receiver, on appointment, will have the name of the relevant borrower as well as the address of the property in receivership, both of which constitute personal data, he or she will have a wide range of data protection obligations. The guidance notes that the receiver is a data controller, in that he or she exercises control over the processing of the personal data, by determining why and how it is processed.

A revised EU regulation applies to new insolvencies from 26 June 2017. Widely referred to as EIR Recast (EIR means European Insolvency Regulation), it replaces the regime that has been in place for over 15 years.

The official title of EIR Recast is Regulation 2015/848 of the European Parliament and of the Council of 20 May 2015. The commencement of EIR Recast is newsworthy for many reasons, not least because the United Kingdom (when it leaves the EU) will not have the benefit or the burden of the new regime.

Background

Ray & Danny Grehan (theGrehans) acquired property in Maynooth on which subsequently the Maynooth Business Campus (the Campus) was built.

Executive Summary

COVID-19 poses high levels of financial distress for Ireland and Irish business. Ireland's examinership regime (Examinership) and schemes of arrangement under part 9 of the Companies Act 2014 (Schemes) are effective tools for corporate restructuring either immediately and/or once the more immediate threat of COVID-19 has passed.

Summary

This matter related to a High Court appeal brought by two high profile debtors against a Circuit Court order made in favour of Tanager Designated Activity Company (Tanager) which allowed Tanager to enforce an order for possession notwithstanding the fact that a protective certificate was in place in respect of the debtors.

A recent decision of the Supreme Court to award legal costs against a director of an insolvent company demonstrates the Courts' approach to directors who do not act in good faith and seek to use litigation through the company for their own personal benefit.