Examinership A number of significant decisions were made by the High Court and Court of Appeal relating to different aspects of the examinership process in 2017. |
When considering whether or not to bring a legal action, it is important to establish if it is competent and commercially worthwhile to do so. The ability to bring, or continue with, legal proceedings against a company can be restricted if that company enters into a formal insolvency process. The position of creditors may be improved now that the Third Party (Rights Against Insurers) Act 2010 has at last been brought into force.
In Re Home Payments Limited (In Liquidation) [2013] IEHC 507, an application for directions was made by the Joint Liquidators of Home Payments Limited for the liquidators’ remuneration, costs and expenses to be discharged from customer accounts. Prior to its liquidation the company had operated as a nationwide household budgeting and bill paying company.
The Personal Insolvency Act 2012 was signed into law on 26 December 2012. As of 31 July 2013, all sections of the Act (save for Part 4 which relates to bankruptcy) had been commenced by ministerial order.
In our Spring Insolvency Update, we provided an overview of the main provisions of the Personal Insolvency Act 2012. Here we provide an update on some recent developments relating to the legislation.