State and federal laws provide numerous protections to secured parties to preserve their interests in collateral. As secured parties well know, however, these protections become more and more limited when the collateral is pledged to multiple secured parties. Issues, like priority of interests and liens, become more prevalent when the collateral at issue falls in value and multiple secured parties are fighting to enforce their interests in order to satisfy their debts.

State and federal laws provide numerous protections to secured parties to preserve their interests in collateral.  As secured parties well know, however, these protections become more and more limited when the collateral is pledged to multiple secured parties.  Issues, like priority of interests and liens, become more prevalent when the collateral at issue falls in value and multiple secured parties are fighting to enforce their interests in order to satisfy their debts.

As predicted at the Commercial Finance Association’s Fourth Annual Energy Summit on September 16th, we should start seeing more and more oil & gas companies struggle to survive in the wake of continued low commodity pricing.  While we witnessed some rebound in pricing towards the end of the summer, the price of oil again dipped to under $50 a barrel in September and the price of gas continues near historic lows, at just under $3.00 MMBtu.  As Philip Cook, the Chief Financ

The retail industry appears to be reaching the crossroads of complete transformation due to a significant shift in consumer sentiment.  Those companies that can embrace the change quickly enough will likely survive.  Those that cannot may simply become legends.  Indeed, we have seen well-known companies such as RadioShack, Brookstone,

With oil prices having fallen more than 50% from June 2014 to January 2015, most pundits expect more companies in the oil & gas (O&G) industry will face significant financial distress in 2015, forcing many to either consolidate or file for bankruptcy.

On 20 May 2015 the European Parliament adopted a recast of the European Insolvency Regulation. The Recast Regulation is in line with the EU’s current political priorities of promoting economic recovery and boosting growth and employment. The key objectives of the Recast Regulation are to move away from the traditional liquidation approach towards more of a “second chance approach” for businesses and entrepreneurs in financial difficulties, and to enhance cooperation and coordination in cross-border insolvency proceedings. 

Scope

In Re Citywest Hire Ltd (In Liquidation)

Myles Kirby was appointed as Official Liquidator of Citywest Hire Limited (In Liquidation) (“Citywest”). Citywest had operated Il Segreto Restaurant on Merrion Row, Dublin 2 until late June 2013.

On 15 April 2014 the European Parliament voted in favour of the European Commission initiative for a Regulation establishing a European Account Preservation Order (EAPO) to simplify EU cross-border debt recovery in civil and commercial matters. This legislation aims to establish a procedure whereby the courts of EU member states can issue orders preserving or “freezing” bank accounts across the EU without the need for any intervention by the courts of any other member state.

The High Court has confirmed that leave of the Court is required before an application can be brought to cross-examine an Official Assignee (In re Sean Dunne, A Bankrupt [2014] IEHC 113).

Background

In the matter of Shellware Limited (In Liquidation) 2014 IEHC 184

On 1 April 2014 Barrett J. refused an application by the Liquidator of Shellware Limited (In Liquidation) for the restriction of Mr Eoghan Breslin, a former director, under Section 150 of the Companies Act 1990. This decision also helpfully provides clarity regarding applications for an extension of time for the filing of a Report by a Liquidator to the Director of Corporation Enforcement under Section 56 of Company Law Enforcement Act 2001 (“Section 56 Report”).